A weaker U.S. dollar and falling interest rates usually provide a lift to emerging markets, and this time China—often lagging in global rallies—may benefit from an unusual tailwind. While the Federal Reserve’s first rate cut since December failed to stir U.S. equities, history shows Chinese markets often respond more positively to easier U.S. monetary policy. Offshore Chinese stocks such as New York-listed ADRs and Hong Kong H-shares typically outperformed onshore A-shares, though this cycle could prove different. Looking ahead, UBS forecasts further Fed cuts in October and December, totaling 75 basis points, which could drive the U.S. dollar lower and ease pressure on the yuan. Investors may not need to believe in a Chinese economic rebound; simply seeing conditions stop worsening could attract flows.