Chinese ETFs climb on hopes that Beijing will curb its COVID Zero policy
Toa55

Chinese based exchange traded funds pushed higher on Tuesday morning as hopes that protests around China will spark a shift away from lockdowns and Beijingâs COVID Zero policy.
Furthering the support for Chinese funds was the fact that shares of Chinese property developers jumped as regulators eliminated a ban on equity refinancing for specific companies.
The Hang Seng Index (HSI) soared 5.2% to 18,204 overnight and now looks to test its November high of 18,414. As a result, exchange traded funds that are tied to the Chinese equity market have seen strong early market moves.
The largest Chinese ETF, iShares MSCI China ETF (NASDAQ:MCHI) and its $6.59B assets under management, gained 4.5% in premarket trading. Upward tracking moves were supported by some of the fund's top holdings which include Tencent Holdings (OTCPK:TCEHY) +2.1%, Alibaba Group (NYSE:BABA) +5.4%, JD.com (JD) +7.2%, and Pinduoduo Inc. (PDD) +5.5%.
Other Chinese exchange traded funds that have tracked higher into the green on Tuesday morning include the following: (NYSEARCA:KWEB), (PGJ), (FXI), (ASHR), (GXC), (CQQQ), (CNYA), (YINN), (CHIQ), and (CWEB).
Investors continue to look for evidence that Xi Jinping will lift Chinaâs zero-COVID stance as protests take place on the streets of Beijing, Shanghai and elsewhere.