Stock Track | China Life Surges 8% as Stimulus Hopes Boost Financial Stocks

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Shares of China Life Insurance (2628.HK) soared 8.14% on Thursday, leading a rally in financial stocks, as investors cheered the launch of a $70.7 billion swap facility by the People's Bank of China and pinned hopes on further economic stimulus measures.

The swap facility allows various financial institutions to exchange bonds and exchange-traded funds (ETFs) as collateral for government bonds and central bank bills. This move is part of an 800 billion yuan ($112 billion) funding mechanism unveiled by the central bank in September to inject liquidity into the stock market.

Investor sentiment was further boosted by expectations that China's finance minister will announce additional stimulus measures at a press conference scheduled for Saturday. These potential measures are aimed at bolstering the country's economy, which has been grappling with challenges related to COVID-19 lockdowns and a slowing property market.

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