Why Baidu, Full Truck Alliance, and Bilibili Are Trading Higher Today

Chinese stocks rallied today after the People's Bank of China (PBOC), trying to get the Chinese economy out of its recent slump, announced interest rate cuts and better stimulus measures than previously expected.Shares of the artificial intelligence (AI) and search company Baidu (NASDAQ: BIDU) traded nearly 5% higher, while shares of the shipping platform Full Truck Alliance (NYSE: YMM) rose nearly 9%. Meanwhile, shares of the online video platform Bilibili (NASDAQ: BILI) surged nearly 13%.Following the Federal Reserve's interest rate cut of 50 basis points (bps) last week, investors upped their bets that China would soon follow suit, but the announcement by the PBOC seemed to catch the market by surprise. China's central bank told reporters that it plans to lower banks' reserve requirements by 50bps shortly, and that there may be additional decreases to bank reserve requirements. Additionally, the PBOC lowered the seven-day reverse repo rate by 20bps to 1.5%.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool