China's central bank announced on Friday that it is implementing the economic stimulus measures it flagged earlier in the week.
Signals from the country's central bank have boosted Asian stock markets sharply during the week. The Chinese CSI 300 index, which covers the Shanghai and Shenzhen stock exchanges, has risen 15 percent since Monday, making it its best week since 2008, according to CNBC.
The Hang Seng index in Hong Kong has also risen during the past week, with the stock exchange experiencing its strongest trading week since 1998, with an increase of over 12 percent.
China's economy has been struggling since the pandemic, with decreased consumption, increased youth unemployment, and a real estate sector burdened with large debts.
