The Direxion Daily FTSE China Bull 3X Shares (YINN) surged by 5.92% on October 28, 2024, driven by a broad rally in Chinese stocks and American Depositary Receipts (ADRs) of Chinese companies.

The rally was fueled by the People's Bank of China's announcement of a new lending tool called "open market outright reverse repo operations facility." This facility aims to inject more liquidity into the banking system and maintain ample credit flow, supporting the slowing Chinese economy.

The central bank's move to enhance its policy toolkit and provide additional liquidity ahead of the year-end when trillions of yuan in loans are set to expire boosted investor sentiment and triggered a buying spree in Chinese equities.

As a leveraged bull ETF designed to provide triple the daily returns of the FTSE China 50 Index, YINN benefited significantly from the positive sentiment surrounding the central bank's liquidity injection. Major Chinese companies like Nio, Bilibili, iQiyi, Baidu, XPeng, and Tiger Brokers saw significant gains, contributing to YINN's sharp rise.