Beijing will cut the amount of cash banks need to have on hand, known as the reserve requirement ratio, or RRR, by 50 basis points in the near term, People's Bank of China Gov. Pan Gongsheng said.

China’s central bank lowered the interest rate charged on its one-year policy loans while net withdrawing liquidity via the lending, as the monetary authority shifts toward a short-term tool in an overhaul of its policy framework.

The Peoples Bank of China plans to cut the reserve requirement ratio by 50 basis points, with further reductions expected by year-end. Governor Pan Gongsheng suggested additional rate cuts, including a reduction in

China's central bank on Wednesday said it would slash another key interest rate, a day after it unveiled a raft of new measures aimed at boosting its ailing economy.

The world’s second-largest economy has struggled to rebound from the pandemic, leading financial authorities to cut interest rates and support the property market.

China announced a broad range of stimulus measures on Tuesday to support the faltering economy, stabilise the housing sector and restore market confidence. Stocks and bonds jumped after the announcement.

China's central bank has unveiled a major package of measures aimed at reviving the country's flagging economy. People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending.

The Chinese central bank has reduced the amount of reserves banks are required to keep, among other moves it is rolling out to help revive the slowing economy

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,

China has rolled out a raft of measures aimed at countering a prolonged downturn in its property market that is dragging on the world's second largest economy.