Why China Evergrande Group Stock Rose Today

Shares of beleaguered Chinese property behemoth China Evergrande Group (OTC: EGRN.F), as well as the China Evergrande Group (OTC: EGRN.Y) American depositary receipts, popped early today, rising 2.8% and 9.1%, respectively, as of 9:35 a.m. EDT on Monday. As Reuters reported this morning, China's Central Bank has "vowed to protect consumers exposed to the housing market ... and injected more cash into the banking system [in an effort] to contain contagion risks from ailing developer China Evergrande."