Shares in Hong Kong soared more than three percent at Wednesday's open, extending the previous day's rally, after China unveiled another interest rate cut the day after a slew of economy-boosting stimulus measures.

The Hang Seng Index surged 3.12 percent, or 591.87 points, to 19,592.43, while the Shanghai Composite Index added 1.34 percent, or 38.29 points, to 2,901.42. The Shenzhen Composite Index on China's second exchange gained 1.19 percent, or 18.50 points, to 1,574.48.

The central bank's announcement Wednesday to continue easing monetary policy came a day after it cut the amount of cash banks must keep in reserve and lowered a key interest rate fanned hopes for a recovery in the world's number two economy.

The moves come as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressure and high youth unemployment.

Wednesday's gains in Hong Kong followed a more than four percent advance Tuesday and were again across the board, with tech firms, developers and casino operators among those enjoying strong buying interest.