Chinese stocks are soaring this morning following a surprise interest rate cut by the People’s Bank of China (PBOC). The central bank slashed its 14-day reverse repurchase rate by 10 basis points to 1.85%, injecting $10.6 billion into the financial system. This move aims to stimulate the slowing economy and boost liquidity.

Top Chinese stocks are responding with significant gains (as of 10:16-10:18 AM ET, Sept 24, 2024):

  • Li Auto ($23.92): +7.75% (+1.72) at 10:16 AM ET
  • NIO ($5.78): +8.54% (+0.46) at 10:16 AM ET
  • JD.com ($32.046): +7.68% (+2.286) at 10:17 AM ET
  • Alibaba ($94.745): +5.17% (+4.655) at 10:17 AM ET
  • Baidu ($92.03): +4.25% (+3.75) at 10:18 AM ET

The rate cut has ignited investor optimism, driving a strong rally across Chinese equities.