The advance continued on Tuesday, though at a slower pace. The CSI 300 Index rose as much as 2.1% to extend its five-year high, with trading volume four times greater than the average for this time of day. The offshore yuan strengthened past 7 per dollar for the first time since March.

China’s state media struck a more measured tone on Tuesday, after earlier publishing commentaries that highlighted the case for buying shares. Two newspapers urged investors to be rational: the Securities Times — one of China’s most widely circulated financial publications — said investors should be mindful of potential risks and not use the market as way to make a fortune overnight.

As China’s tight capital controls limit the investment options for the country’s savers, this year’s low interest rates and the first losses ever for some popular wealth-management products are driving retail investors to stocks. But some analysts, as well as mainland media, say the country’s economic recovery and the government’s handling of the coronavirus outbreak have helped underpin the rally.

Mainland traders are counting on the momentum to continue, increasing the amount of leverage in the equity market to almost 1.2 trillion yuan ($171 billion), the highest since late 2015.