Asian stocks rallied from the lowest level since 2012 after U.S. and European shares staged a rebound, with Japan stocks surging before the reopening of China’s market.

The MSCI Asia Pacific Index gained 2 percent to 115.27 as of 9:10 a.m. in Tokyo, following a 6.2 percent slide last week. Japanese shares soared more than 5 percent after the biggest weekly loss for Tokyo shares since the financial crisis pushed a gauge of volatility to the highest level in five years.

Chinese markets reopen Monday, giving traders the first opportunity to react to global turmoil that has sent the MSCI All-Country World Index down 20 percent from its record in May. Energy producers climbed after crude oil soared 12 percent Friday.

China’s central bank has stepped up efforts to restore stability to the nation’s currency and economy, with Governor Zhou Xiaochuan breaking his long silence to say there’s no basis for continued yuan depreciation. The nation’s balance of payments is good, capital outflows are normal and the exchange rate is basically stable against a basket of currencies, Zhou said in an interview published Saturday in Caixin magazine.

China is scheduled to release trade data, with economists projecting a seventh straight month of contraction in exports.

Source : Bloomberg