U.S.-listed shares of Chinese firms and China-focused funds jumped on Friday and are set for another day of strong gains, aided by the latest in a line of aggressive stimulus measures to propel economic growth in the world's second-largest economy.

Chinese markets clocked their best week in almost 16 years as the mainland’s CSI 300 rallied 15.7% this week, buoyed by several economic stimulus measures by the central bank.

It is the first time I’ve ever seen the Chinese central bank directly use its own money to support the stock and real estate markets,” says Lu Xi, an assistant professor focusing on China’s economics at the National University of Singapore.

China stocks closed out their best week since 2008 as the country's central bank cut its reserve requirement for banks.