Asian shares are higher after China's central bank released plans for supporting stock markets through share repurchases

China's central bank kicked off two funding schemes on Friday, that will initially pump as much as 800 billion yuan ($112.38 billion) into the stock market through newly-created monetary policy tools.

China’s 200 million-strong army of retail investors was supposed to help the market turn a corner. Instead, it has become a source of weakness.

Twenty-one banks to extend loans for stock buy-backs and stake hikes as the part of the 300 billion yuan scheme unveiled late last month.

China's abrupt and ferocious stock market rally has slammed some of the country's biggest hedge funds, forcing them to hastily cover short positions and take losses on their bets in the heavily regulated derivatives market.

U.S. stocks were mostly rising midday Friday, with all three major benchmarks on track for weekly gains. The S&P 500 was up 17 points, or 0.3%, at almost 5,859. The Nasdaq Composite was advancing nearly 102 points, or 0.6%, to 18,475.

An epic Chinese stock market rally lost steam after comments from the nation’s economic planners cast down hopes for more fiscal stimulus measures.

World shares have mostly gained after China’s central bank released plans for supporting the stock market through share repurchases by companies and major shareholders. European markets opened mostly higher,

China's central bank kicked off two funding schemes on Friday that will initially pump 800 billion yuan ($112.38 billion) into the stock market through newly-created monetary policy tools. The People's Bank of China (PBOC) spelt out operational details of the swap and relending schemes first announced in late September,