KWEB daily
Shares of US-listed Chinese ETFs are as much as 4.4% higher today after a broad stimulus push from Beijing.
Chinese President Xi Jinping visited the central bank and largest sovereign wealth fund today for the first time. It came with the approval of a boost to the fiscal deficit this year to 3.8% from 3.0%; adding some $137 billion in sovereign debt.
It came on a heavy news day from China where Li Shangfu was stripped of his title of defense minister and former foreign minister Qin Gang lost his remaining role as State Councilor.
The moves from China show a greater sense of urgency to boost the economy and achieve this year’s 5% GDP target. The MCHI ETF is up 3% today while the KWEB China tech focused ETF rose by 4.4%.