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.

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.

Shares of Hermes, Richemont, and LVMH soared this week on hopes China's new stimulus will lead to more spending.

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.