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Analysts also cited the bigger-than-expected liquidity injection by the People's Bank of China, the central bank, on Monday as a key driver of the rally, as the move dispelled concerns that the PBOC is rolling back support for the real economy.

And there are indications that China's employment situation has not only remained stable but has actually improved over time. The new data suggests urban unemployment decreased by between 0.1 and 0.4 percent between the first quarter of 2017 and the first quarter of 2018.

An unnamed person in charge of the company said in the statement that the establishment of China State Railway Group will help optimize railway resources and turn a bigger profit, and it will enhance risk-prevention and the market competitiveness of railway enterprises.

Analysts said that concerns about the virus have faded in the absence of immediate signs that the disruption to businesses in China could affect other nations.

And since Uber's board members, including Kalanick, agreed to offer him the job as CEO, he could have backing if he butts heads with those resentful the founder was pressured to step down.