HONG KONG, Dec. 2 -- Hong Kong stocks rallied Tuesday as investors look to more easing policies by the People's Bank of China, the country's central bank.

China is undergoing one of the boldest financial reforms so far this year following the central bank's publishing of draft rules on a deposit insurance system.

The central bank published the rules on Sunday and has since started soliciting public opinion after 21 years of deliberation.

The benchmark Hang Seng Index rose 286.85 points, or 1.23 percent, to close at 23,654.3 points, after trading between 23,784. 95 and 23,293.81.

Turnover totaled 104.41 billion HK dollars (13.47 billion U.S. dollars), down from 105.14 billion HK dollars the previous trading day.

The Hang Seng China Enterprises Index rose 2.84 percent, or 307. 59 points, to close at 11,125.79.

All of the four sub-indices closed higher. The Finance rose 1. 96 percent; the Utilities gained 0.86 percent; the Properties climbed 1.24 percent; the Commerce and Industry edged up 0.41 percent.

Blue chips China Life and Ping An soared 5.8 percent and 6.1 percent, respectively. PICC Group advanced 5.9 percent to 3.76 HK dollars.

Heavy weight China Mobile edged higher by 0.6 percent to 93.4 HK dollars. HSBC Holdings escalated 0.4 percent and HKEX rose 2.1 percent.

Securities firms rallied with CITIC SEC and HAITONG SEC perking up 7.2 percent and 6.6 percent, respectively. CC Securities rocketed 21.5 percent as its application for A-share listing was accepted by China Securities Regulatory Commission.

Bucking the trend, Tencent slipped 0.6 percent to 119.6 HK dollars.

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