China stocks rallied to their best day in 16 years, with related U.S. ETFs also soaring after recent economic stimulus buoyed investor optimism in the market. The Shanghai Composite rallied 8.06% in its best day since September 2008,

China issued a broad stimulus package of monetary measures to boost a sluggish economy weighed down by a housing market slump and weak consumer sentiment.

Skeptics have been out in force since China rolled out aggressive stimulus measures last week to prop up its ailing economy and markets. It's just not enough to reverse the magnitude of China's problems — including an epic property crisis and high youth unemployment — they say.

Chinese stocks extended a blistering rally on Monday with those in the mainland headed for their best month in almost a decade, as Beijing rolled out further stimulus measures to arrest a slowdown in the broad economy.

China's CSI 300 rallied 8.48%, closing at 4,017.85 for a nine-day winning streak, its best day since September 2008 and its highest point since August 2023.