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Concerns Over Slowing Economic Growth in China Offset the Central Bank’s Rate Cuts
ETF top story for the week of June 19 to 23, 2023.
By Trackinsight
June 26, 2023
- China
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The People’s Bank of China (PBOC) trimmed its benchmark loan prime rate by 10 basis points to 3.55% last week. Given that the PBOC had already cut short and medium-term rates this move had been widely anticipated by the markets and received a lukewarm reception.
While a more dovish policy is expected to unlock more stimulus in the country, it also highlights a slowing economic rebound. Indeed, the economic outlook for China remains bleak, with major investment banks cutting their growth forecasts for the year.
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The Shanghai Composite index was down 2.30% for the week, bringing its year-to-date performance to +3.52%, compared with +25.63% for the Nikkei and +13.25% for the S&P 500.
Xtrackers MSCI China UCITS ETF (XCS6) suffered a -6.36% loss week-over-week, resulting in a YTD performance of -7.45%.
Group Data
Funds Specific Data: XCS7, LCCN, XLON:KWEB, FLXC
Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
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