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Stocks Fall in China on Rate Worries: China-focused ETFs Lower
By Market News Video Staff, Friday, November 12, 9:11 AM ET
Stocks in China fell sharply today to their lowest levels in more than a year.
The plunge followed concerns that China’s central bank may hike interest rates to stem inflation.
Data yesterday showed inflation was surging in the country, prompting the speculation that the People’s Bank of China could raise rates for the second time in as many months.
Stocks in Shanghai were down more than 5%.
The iShares FTSE/Xinhua China 25 Index Fund (AMEX:FXI) is trading down 2.15% today in premarket.
Another ETF to watch is the SPDR S&P China ETF (AMEX:GXC).
Both funds invest stock listed in China, however some of the top holdings are also listed in the U.S.
China Mobile (NYSE:CHL), at 6.66% of the SPDR S&P China ETF is listed under “CHL” one the NYSE.
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