BEIJING, Sept 24 (Reuters) - China's central bank on Tuesday unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target, but analysts warned more fiscal help was vital to hit these goals.

The People's Bank of China, the country's central bank, announced on Tuesday that it will soon reduce the bank reserve requirement ratio by 0.5 percentage points, injecting around 1 trillion yuan ($141.81 billion) in long-term liquidity into the financial markets.

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'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 government is aiming for economic growth of around 5.0% for 2024, but some investment banks including Goldman Sachs, Nomura, UBS and Bank of America have recently lowered their forecasts for China's growth rate this year. Stocks rose and the onshore yuan opened at its strongest level since May 2023.

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.

The Chinese central bank announced Tuesday a slew of measures aimed at reviving the sluggish economy, mainly by tackling a downturn in the property sector. People’s Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.

China's central bank has announced far-reaching economic measures to address the country's weakening economy. People's Bank of China Governor Pan Gongsheng said the measures aim to lower interest rates on existing real estate loans.