The rate cut by China's central bank may have mixed effects on the iShares China Large-Cap ETF (FXI). On one hand, it could stimulate economic growth and benefit large-cap Chinese companies, which would be positive for the ETF. On the other hand, it could signal concerns about the health of the Chinese economy, which may negatively impact investor sentiment and the ETF's performance. Given these opposing factors, the short-term impact on FXI is uncertain.