The X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) surged 5.8% in pre-market trading on Thursday, fueled by investor optimism after China's central bank unveiled a series of measures aimed at supporting the country's equity markets and economy.
In a key development, the People's Bank of China officially launched a new "Securities, Fund, and Insurance Swap Facility" designed to boost the stock market. The central bank also urged key financial institutions to swiftly implement policies to bolster the economy and capital markets.
Adding to the positive sentiment, China's central bank governor Yi Gang flagged the possibility of further interest rate cuts, a move that could stimulate economic growth and increase liquidity in the financial markets. These actions come as Beijing unveiled its biggest stimulus package since the pandemic late last month, in an effort to revive the country's slowing economy.
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