PDD Holdings Inc – ADR (NASDAQ:PDD) shares are trading higher by 2.95% to $80.99 Thursday morning. Shares of several Chinese stocks are trading higher after China’s central bank cut the borrowing cost of its medium-term policy loans.
What Else?
Per a report by Reuters, China’s central bank, in line with expectations, reduced the borrowing cost of its medium-term policy loans after a 10-month hiatus, as part of Beijing’s intensified stimulus efforts to stabilize the uncertain economic recovery.
Reuters says this action follows the recent decrease in two important short-term policy rates, indicating growing concerns among authorities regarding the fragility of the economy despite the relaxation of strict COVID measures.
Anticipated activity data to be released later on Thursday is likely to reveal additional signs of weakness.
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According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $38.80.
