China's stocks embraced a strong opening on the first day of December, exhilarated by the central bank's cut in the reserve requirements for banks for the first time since 2008 to replenish liquidity.
The benchmark Shanghai Composite Index shot up by 2.53 percent, or 59.07 points, to open at 2,392.49 on Thursday. It was a rebound after the index tumble 3.3 percent on Wednesday, the most since Aug. 8.
Then Shenzhen Component Index opened at 9,976.52, up 2.92 percent.
The People's Bank of China, or the central bank, said on Wednesday evening that it will lower banks' reserve requirement ratio (RRR) by 50 basis points, effective on Dec. 5.
