Shares of Chinese social media platform Weibo soared over 5% on Thursday, following a broader rally in U.S.-listed Chinese stocks. The surge was driven by measures announced by China's central bank aimed at boosting investor sentiment and liquidity in the country's capital markets.
In a significant move, the People's Bank of China (PBOC) kicked off funding schemes that will initially pump around $112 billion into the stock market through newly created monetary policy tools. The central bank outlined operational details of the swap and relending schemes, which were first announced in late September.
The PBOC's actions buoyed investor confidence, triggering a surge in Chinese stocks across various sectors. Major Chinese indexes, including the Shanghai Composite, CSI300, and Hang Seng, all rallied, closing the day with gains ranging from 2.9% to 3.6%.
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