US investor interest in Chinese stocks has cooled significantly after hitting a record late last year, as political tensions between the two countries grow.

News of China’s impending reopening from coronavirus pandemic restrictions late last year prompted a brief burst of enthusiasm for Chinese stock markets after years of underperformance on hopes of an uptick in economic growth. But trading activity has fallen back this year, according to fund managers and trading data.

Trading in the most liquid US-listed options that track Chinese stocks — which give a way for US investors to gain exposure to China without having an overseas presence — has more than halved since hitting a record last November. The drop in options trading comes as doubts grow about whether China can sustain its economic rebound following outsize growth in the first quarter, and as tensions between Beijing and Washington continue to worsen.