The Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged exchange-traded fund tracking Chinese stocks, soared nearly 30% in pre-market trading on September 24, 2024. This remarkable surge was fueled by China's central bank unleashing a sweeping package of stimulus measures aimed at reviving the world's second-largest economy and stabilizing financial markets.

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 by 10 basis points, lowering bank reserve requirements to the lowest level since 2018, and injecting at least 800 billion yuan ($113 billion) of liquidity into the banking system through reverse repo operations.

The stimulus package also targeted China's troubled property sector, which has been 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. PBOC Governor Pan Gongsheng stated that officials are studying the establishment of a stock stabilization fund to further support equity markets.

"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. Investors view the stimulus package as a positive catalyst for Chinese equities, driving the surge in the YINN ETF, which aims to deliver three times the daily performance of the underlying FTSE China 50 Index.