The euphoria was thanks to Beijing's big-bang stimulus announcement, that showed urgency and concerted commitment to boost China's ailing economy.

China’s problems run deep, but policymakers are changing their tone. Experts are taking note but are still wary as previous moves haven’t worked.

A global stock index reached a record high on Friday following China's stimulus boost, while Treasury yields dipped as U.S. inflation data lifted expectations of an outsized interest rate cut at the Federal Reserve's November policy meeting.