Stocks on the Chinese mainland closed up Monday amid a surge in the country’s broad lending and continued trade talks between China and the U.S.

The Shanghai Composite Index ended the day up 2.68% at 2754.36, the biggest daily gain since Nov. 2, while the smaller Shenzhen Component Index rose 3.95% to 8446.92. The tech-focused ChiNext closed up 4.11% at 1413.60.

China’s total social financing (TSF), a broad measure of credit and liquidity in the economy, grew by a net 4.64 trillion yuan ($684.93 billion) in January, official data showed Friday, much higher than a net increase of 1.59 trillion yuan the month before. Meanwhile, the China-U.S. trade talks have “achieved important step-by-step progress,” President Xi Jinping said in remarks Friday.

The social financing data, as well as moderating tension between the two countries on trade negotiations, have paved the way for a short-term rebound of the A-share market, said Zhang Yulong, an analyst with China Securities Co.

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