YY - Chinese internet stocks retreat; Citi CEO stresses 'caution' regarding Beijing's economy

Chinese Internet companies such as Alibaba (NYSE:BABA), Weibo (NASDAQ:WB) and JD.com (NASDAQ:JD) watched their shares retreat Friday as the chief executive of Citigroup said that the Chinese economy needs to be viewed with a bit of "caution" for the time being. Citi (NYSE:C) CEO Jane Fraser said in an interview with Yahoo Finance that she was still upbeat about China's role in the global economy over the long term, but that for now, she sees things looking sluggish for the time being. "I think it's [China's economy] come off the boil for sure, but I think bubbling away too ferociously isn't great either," Fraser said. "We're looking at it with some caution in the immediate term." Chinese Internet companies, in particular, have had a rough and tumble year due in large part to the Beijing government cracking down on their allegedly monopolistic business practices, as well as how they use and share

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Chinese internet stocks retreat; Citi CEO stresses 'caution' regarding Beijing's economy