Chinese Stocks in US Rally as Beijing Vows to Boost Demand
- Alibaba, PDD among stocks rallying after China’s pledge
- Companies with significant sales in China also climbing
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Chinese stocks that are listed in the US staged a sharp rally Monday as top leaders in Beijing used their most direct language yet on providing monetary easing and boosting domestic consumption.
The Nasdaq Golden Dragon China Index, which tracks the biggest Chinese stocks in the US, climbed 8.5% for its strongest gain since late September. Large-cap technology stocks including Alibaba Group Holding Ltd. and PDD Holdings Inc. rose more than 7% each in New York trading.