- Chinese tech stocks jumped Wednesday after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation.
- Li said the recent weakening of the Chinese yuan was due to market forces.
- Li's comment will reassure investor confidence in China, Lukman Otunuga, a research analyst at FXTM, said.
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- Nio
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Chinese tech stocks jump after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation (BABA, JD, NIO, PDD, BIDU)
Chinese tech stocks jumped Wednesday after Chinese Premier Li Keqiang vowed not to pursue a policy of currency devaluation. Li said the recent weakening of the Chinese yuan was due to market forces.
- Nio
Li's comment will go a long way towards reassuring investor confidence, according to Lukman Otunuga, research analyst at FXTM.
"Not only will it help stabilize the Yuan, but it can also play a factor in helping currencies across the region, when factoring in how important China has become to the global economy," Otunuga said in a note sent out to clients Wednesday.
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