China country-specific exchange traded funds, led by technology focused strategies, were among the best performers Monday ahead of trade talks between the U.S. and China.
On Monday, the technology-heavy PowerShares Golden Dragon China Portfolio (NasdaqGM: PGJ) rose 2.7% and KraneShares CSI China Internet Fund (NasdaqGM: KWEB) gained 2.2%.
Traders were largely optimistic as a delegation led by China’s vice commerce minister, Wang Shouwen, is expected to conduct two days of trade talks in Washington beginning Wednesday, marking the first formal negotiations since Washington imposed tariffs on $50bn of Chinese imports, the Financial Times reports.
China’s banking regulators over the weekend also urged banks to provide support on infrastructure projects and for exporters in a bid to bolster the economy.
Additionally, according to Linus Yip, a strategist with First Shanghai Securities Ltd., officials met with analysts to seek their views on markets, potentially providing a boost, Bloomberg reports.