MMTec, Inc. (NASDAQ:MTC) shares are moving higher on Wednesday on continued strength in Chinese stocks after China’s Central Bank announced stimulus measures last week.

Additionally National Day Golden Week, a week long public holiday, kicked off on Tuesday.

What To Know: The bank’s stimulus measures include a cut to the reserve requirement ratio by 0.5 percentage points, lowering the loan prime rate and deposit rates by 0.2 to 0.25 percentage points and decreasing the seven-day reverse repurchase rate to 1.5%.

Capital Economics chief Asia Economist Mark Williams told Reuters that the package, “would lift annual output by 0.4% relative to what it would otherwise have been. It’s late in the year, but a new package of this size that was implemented soon should be enough to deliver growth in line with the ‘around 5%’ target.”

Traditionally, China sees an increase in tourism during the week long holiday leading to a boost in China’s economy. However, the recent slowness in the country’s economy may lead to lower travel related spending throughout the holiday.

Besides MMTEC, other US-listed Chinese stocks are also moving higher on Wednesday following the bank’s stimulus measures, including JD.Com, Inc. (NASDAQ:JD) and Alibaba Group Holding Ltd. (NYSE:BABA).

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MTC Price Action: At the time of writing, MMTec shares are trading 49% at 70 cents, according to data from Benzinga Pro.

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