The Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged exchange-traded fund tracking Chinese stocks, surged 13% in pre-market trading on Monday as China's central bank unveiled a sweeping package of stimulus measures to revive the nation's slowing economy.

In a rare joint briefing, the People's Bank of China (PBOC) announced a series of policy easing moves, including cutting a key interest rate, lowering bank reserve requirements to the lowest level since 2018, and injecting liquidity into the banking system. PBOC Governor Pan Gongsheng said the central bank will provide at least 800 billion yuan ($113 billion) of liquidity support to financial markets and is studying the establishment of a stock stabilization fund.

The stimulus package also aims to shore up China's troubled property sector, a major drag on economic growth. Measures include lowering borrowing costs on as much as $5.3 trillion in mortgages and easing rules for second-home purchases. "This concerted effort by Chinese policymakers to revive economic growth and stabilize markets has fueled a rally in Chinese stocks and related assets like the leveraged YINN ETF," said Zhu Yi, chief economist at Soochow Securities.