Shares of iQiyi Inc., a leading Chinese streaming platform, surged 5.58% on Thursday, September 19, 2024, as investors braced for a potential interest rate cut by China's central bank, the People's Bank of China (PBOC).

The rally in iQiyi's stock was part of a broader surge in Chinese companies listed on U.S. exchanges, fueled by expectations that the PBOC would follow the U.S. Federal Reserve's lead and trim its benchmark lending rates on Friday to boost the struggling Chinese economy.

According to a Reuters poll, a majority of market watchers (69%) predicted that both the one-year and five-year loan prime rates (LPRs) in China would be cut, with the current one-year rate standing at 3.35%. A potential rate cut by China could provide a much-needed boost to the country's economic growth, which has been impacted by various factors, including the lingering effects of the COVID-19 pandemic and ongoing trade tensions with the United States.