Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged ETF tracking Chinese stocks, surged in pre-market trading on Thursday, following China's announcement of a sweeping stimulus package aimed at reviving the country's slowing economy.

The renewed hope for economic growth in China was fueled by a series of measures unveiled by the Chinese authorities. The People's Bank of China (PBOC) cut key interest rates, including the seven-day reverse repurchase rate to 1.5% from 1.7% and the reserve requirement ratio for major banks to 9.5% from 10%. These moves are expected to free up around 1 trillion yuan ($142.6 billion) in long-term liquidity, allowing banks to lend more and support economic activities.

Additionally, China's Politburo, comprising top Communist Party officials, pledged action to ensure annual economic targets are met and to stabilize the troubled real estate market. Plans for fiscal spending to boost consumption and rein in local government debt were also announced, complementing the monetary stimulus efforts.