Asia Stocks surge with Shanghai jumping more than 3%

Mainland Chinese stocks surged on Monday, as China maintained its benchmark lending rate for the third straight month.

The Shanghai composite jumped 3.11% to close at 3,314.15 while the Shenzhen composite was up 2.68% to close at 2,216.70. The Shenzhen component jumped 2.55% to 13,448.85.

Over in Hong Kong, the Hang Seng index lost 0.38% in the afternoon. The city tightened restrictions again after reported cases surged to more than 100 in 24 hours over the weekend. Hong Kong leader Carrie Lam said the situation was “very serious and there is no sign of it coming under control,” according to Reuters.

Japan’s Nikkei 225 clawed back earlier losses to edge up 0.09%, closing at 22,717.48. The Topix rose 0.20% to close at 1,577.03.