Shares of NetEase Inc. (NTES) soared over 8% on Monday as China's central bank and regulatory authorities unleashed a sweeping package of stimulus measures aimed at reviving the country's faltering economy and beleaguered stock markets.
In a rare joint briefing, the People's Bank of China (PBOC) cut a key interest rate and lowered banks' reserve requirements to the lowest level since at least 2018. More significantly, the PBOC announced plans to provide at least 800 billion yuan ($113 billion) in liquidity support to the struggling stock market, including establishing swap and relending facilities for securities firms, funds, and insurers to purchase shares.
The measures fueled a broad rally in Chinese stocks, with NetEase among the biggest gainers. The Chinese tech and gaming giant's shares jumped on expectations that the stimulus could reinvigorate economic growth and investor sentiment, boosting consumer spending and demand for its online services.
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