Chinese stock index jumps 5.3% as Asian shares rise

China’s key stock market index has surged 5.3%, its biggest gain in eight weeks, as markets across Asia rose following Wall Street’s rebound, giving investors some relief after gut-wrenching global losses.

The Shanghai Composite Index, whose steep drop in recent days triggered worldwide selling, gained 5.3% to close at 3,083.59 points, bouncing back from losses that wiped some 20% off its value over the past week. It was the biggest one-day gain since a 5.5% rise on June 30.