Chinese stocks are extending their poor run, with a key gauge heading for its lowest level since November as pessimism persists about the country’s economy and concerns rise that US interest rates may stay higher for longer.

The MSCI China Index dropped as much as 1.2% in early Thursday trading, set for a third consecutive week of losses.

The ceaseless selling indicates the tough task for Beijing to restore investor confidence, even as the country’s central bank pledged fresh support for local markets. Policymakers also have taken a slew of measures in recent weeks to revive demand, from cutting transaction costs in stock trading to restricting some top shareholders from selling stakes.

The efforts have achieved little success — the onshore benchmark CSI 300 Index is also down more than 4% this year, after tumbling 22% in 2022.