Bitcoin races toward best September in history, after China promises big stimulus measures and as traders count on more Federal Reserve rate cuts this year.

Bitcoin (BTC-USD) is on track to rise 4.3% on a weekly basis, helped by robust inflows in Bitcoin ETFs and China's fresh stimulus measures.  The world's largest digital currency stayed above the $60K mark throughout the week,

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.

Former Vice Finance Minister Zhu Guangyao told a forum at Tsinghua University in Beijing that while crypto poses certain risks, China must study its growing role in international financial markets because it is ”crucial” to the development of the digital economy, a ccording to a report by Sina Finance.

Former Chinese Vice Minister Zhu Guangyao emphasized the need to study Bitcoin and crypto's role in the digital economy,

The former minister called on Beijing to study the industry in light of Republican candidate Donald Trump's comments on crypto.