Chinese ETFs saw strong gains in early trading on Friday after President-elect Donald Trump touted a call with Chinese President Xi Jinping in a post on Truth Social, the president’s social-media platform.
“I just spoke to Chairman Xi Jinping of China. The call was a very good one for both China and the U.S.A. It is my expectation that we will solve many problems together, and starting immediately. We discussed balancing Trade, Fentanyl, TikTok, and many other subjects. President Xi and I will do everything possible to make the World more peaceful and safe!,” the president-elect posted on his account.
The iShares China Large Cap ETF was up 2.4% in recent trading at $30.57 a share, FactSet data showed. Meanwhile, the KraneShares CSI China Internet ETF rose by 3.8%.
Chinese stocks tallied modest gains during Friday’s Asia trading session after the latest GDP numbers showed the pace of growth coming in at 5% in 2024, precisely in line with the government’s target.