Baidu Inc BIDU shares are trading higher by 6.22% to $142.72 Tuesday morning. Shares of several Chinese stocks are trading higher after China's central bank cut its seven-day reverse repurchase rate.
What Happened?
According to a Reuters report, the People's Bank of China (PBOC) has reduced a key short-term lending rate for the first time in 10 months. The move aims to bolster market confidence and support the sluggish post-pandemic rebound in the second-largest global economy.
See Also: Carnival's Stock Leap Followed By Spike In Options Trading
This adjustment comes in response to weakening demand and investor sentiment, further strengthening the argument for immediate policy measures to sustain economic growth.
The decision to lower the lending rate may indicate a potential relaxation of longer-term rates in the coming week and beyond, per Reuters.
According to data from Benzinga Pro, Baidu Inc has a 52-week high of $160.88 and a 52-week low of $73.58.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
