On Friday, Chinese ETFs experienced significant upward movement in early trading, following a conversation between President-elect Donald Trump and Chinese President Xi Jinping, which Trump shared on his platform, Truth Social.
In his post, Trump recounted, “I just had a conversation with Chairman Xi Jinping of China. It was a very positive call for both China and the U.S.A. I believe we’re going to tackle several issues together starting right away. We talked about trade balance, the fentanyl crisis, TikTok, and numerous other topics. President Xi and I are committed to making the world a more peaceful and safer place!”
Following this announcement, the iShares China Large Cap ETF saw a 2.4% increase, trading at $30.57 per share, according to FactSet data. Similarly, the KraneShares CSI China Internet ETF climbed by 3.8%.
Meanwhile, Chinese stocks saw some gains during Friday’s trading session in Asia, buoyed by the latest GDP figures. The growth rate reported was 5% for 2024, perfectly aligning with the government’s established target.
