China’s latest GDP numbers may have slowed to 6.5% year-over-year in the third quarter, missing expectations of 6.6%, but the Direxion Daily FTSE China Bull 3X ETF (NYSEArca: YINN) is up 4.56%. In turn, the Direxion Daily FTSE China Bear 3X ETF (NYSEArca: YANG) dropped 5.41% as of 3:00 p.m. ET.

The bulls overtaking the bears was evident in the biggest China ETFs based on total assets–iShares China Large-Cap ETF (NYSEArca: FXI) was up 2.07%, iShares MSCI China ETF (NasdaqGM: MCHI) rose 1.48% and KraneShares CSI China Internet ETF (NYSEArca: KWEB) gained slightly at 0.10% as of 2:45 p.m. ET. The rise came a result of a rebound in Chinese equities as the Shanghai composite and the Shenzhen composite both surged 2.58 percent, while Hong Kong’s Hang Seng index rose 0.51 percent.

Chinese regulators have already sought measures to defuse risks related to shares used as collateral for loans, while the recent declines in the country’s stock market have created a good buying opportunity, Liu a member of the politburo of the ruling Communist Party of China, told the People’s Daily – the party mouthpiece.

“In terms of global asset allocation, China’s stock market already has a pretty high investment value, with bubbles significantly contracting, the quality of listed companies improving and valuations at a historical low level. I believe that investors will make a rational judgment,” Vice Premier Liu was quoted as saying by Hong Kong-based South China Morning Post.

Chinese Officials Help Quiet the Noise

Chinese equities underwent a sell-off on Thursday, causing the Shanghai index to fall to a low not seen since November 2014. As a result, top Chinese officials from the People’s Bank of China issued public statements to help quell the fear in the markets.

“The recent volatility in the stock market is mainly affected by investors’ expectations and sentiment. In fact, China has good economic fundamentals, has made progress in preventing financial risks and has macro leverage ratio stability,” said the Chairman of the People’s Bank of China, Yi Gang.

China Securities Regulatory Commission Chairman Liu Shiyu issued a separate statement to help re-instill confidence in the capital markets.

“[We will] encourage local government-managed funds, qualified private equity investment funds, broker-managed products or newly organized funds, to help relieve the stock pledge difficulties of public companies with good prospects but are temporarily facing operational difficulties, so they can develop healthily,” Liu said.

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