Shares of Full Truck Alliance Co. Ltd. (NYSE: YMM) surged by 12.76% on Monday, September 24, 2024, following the announcement of significant stimulus measures by the People's Bank of China (PBOC) aimed at reviving the Chinese economy.
The PBOC unveiled plans to lower banks' reserve requirements by 50 basis points and reduce the seven-day reverse repo rate by 20 basis points to 1.5%. Additionally, the central bank implemented measures to support China's housing market, including reducing average interest rates for existing mortgages and lowering down payments on all homes.
This stimulus package, coupled with the PBOC's plans to inject capital into stock markets and provide loans to commercial banks for stock buybacks, boosted investor sentiment and fueled a rally in Chinese stocks, including Full Truck Alliance.
Furthermore, Citigroup placed Full Truck Alliance on a "90-day positive catalyst watch," citing strong monthly user growth and the potential for order volume to exceed 20% year-over-year growth. The analyst firm maintained a buy rating on the stock with a $12 price target, further contributing to the positive momentum.
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