iQIYI Inc - ADR IQ shares are trading higher by 6.49% to $5.09 Thursday afternoon. Shares are seeing strength Thursday after multiple Chinese stocks fell Wednesday amid lackluster export data from China.
iQIYI is also trading higher Thursday after China's central bank this week reportedly told major state-owned banks to decrease dollar deposit interest rates in an attempt to support the yuan.
See Also: Higher-Than-Expected Increase In Unemployment Claims Raises Alarm For Job Market
What Happened With Export Data?
Per Reuters, China's Customs Bureau data revealed a significant 7.5% year-on-year decline in May exports, surpassing the projected 0.4% decrease and marking the largest drop since January.
Imports, on the other hand, contracted by 4.5%, indicating a slower decline than the anticipated 8.0% and April's 7.9% fall.
According to data from Benzinga Pro, iQIYI has a 52-week high of $7.10 and a 52-week low of $1.65.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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