The Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged exchange-traded fund (ETF) that aims to deliver three times the daily performance of the underlying FTSE China 50 Index, soared nearly 30% in pre-market trading on September 24, 2024. The surge came after China's central bank unveiled a broad package of monetary stimulus measures to revive the world's second-largest economy and stabilize financial markets.

In a rare joint briefing, the People's Bank of China (PBOC) announced a series of measures to boost economic growth, including cutting a key interest rate by 10 basis points and lowering bank reserve requirements to the lowest level since at least 2018. Additionally, the central bank injected 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 were studying the establishment of a stock stabilization fund to further support equity markets.