Shares of iQiyi Inc. (IQ), a leading online entertainment service in China, surged nearly 11% on Monday, September 24, 2024, as part of a broader rally in Chinese American Depository Receipts (ADRs) listed in the U.S.
The rally was fueled by reports that China's central bank, the People's Bank of China (PBOC), is weighing plans to unleash at least $113 billion (800 billion yuan) in initial liquidity support for the country's struggling equity market.
According to reports, the measures include setting up a swap facility allowing securities firms, funds, and insurance companies to tap liquidity from the PBOC to buy stocks, as well as a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings. The liquidity support will come in the form of a 500 billion yuan swap facility and a 300 billion yuan relending facility, with the possibility of adding another 500 billion yuan in phases.
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