China's central bank will cut banks' reserve requirement ratio by 50 basis points and further reduce key interest rates to support a recovery in prices, its governor Pan Gongsheng said on Tuesday. Pan,

The People’s Bank of China took more steps to boost its flagging economy, after a slew of downbeat indicators recently sparked concerns that Beijing’s official annual growth target of around 5% might be out of reach.

China will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio or RRR, by 50 basis points.