China Stocks Surge Amid New Economic Stimulus Measures

China stocks surged after Beijing introduced new stimulus measures to counter a slowdown in the economy. The People's Bank of China announced plans to lower mortgage rates for existing home loans, leading to significant gains in property stocks. Major indices posted their best performances in years.

Chinese stocks surged on Monday, following their best weekly performance in nearly 16 years, as Beijing rolled out new stimulus measures to counter an economic slowdown.

Late on Sunday, China's central bank announced that banks would lower mortgage rates for existing home loans before Oct. 31, as part of a broader effort to support the struggling property market.

In addition to this, Guangzhou lifted all restrictions on home purchases, while Shanghai and Shenzhen eased their curbs on buying. This drove an early rally in Chinese and Hong Kong stocks, with property companies leading the gains.

(With inputs from agencies.)