SINGAPORE, Feb 6 Reuters Asian shares rode a sharp rise in Chinese stocks higher on Tuesday as Beijing ramped up efforts to put a floor under its slumping market, but elsewhere investors were cautious as bets trimmed for a nearterm Federal Reserve rate cut.

A slew of announcements from China39;s securities regulator, as well as a reported meeting between President Xi Jinping and financial regulators on Tuesday, highlighted the urgency of Chinese authorities to stem heavy losses in its stock market, which have plumbed multiyear lows in recent days.

China state fund Central Huijin Investment also said the same day that it has expanded its scope of investment in exchangetrade funds ETFs, according to a statement on its website.

The moves come as China39;s bluechip index plunged to a fiveyear low last week on the back of the country39;s ailing economy, which had prompted statebacked investors, dubbed the national team, to step up their buying of bluechip stock tracking index funds to support the market.

The CSI300 jumped more than 3 in the wake of Tuesday39;s developments, while the Shanghai Composite Index, which bottomed at a fiveyear trough on Monday, likewise surged more than 3.

Both were on track for their biggest oneday percentage gain since 2022.

It looks like they39;re really pulling out all the stops to try and turnaround the stock market rout, said Khoon Goh, head of Asia research at ANZ.

The news flash about President Xi talking with financial regulators…