More fiscal support is needed, analysts said, after the PBOC surprised markets by announcing plans to cut a number of rates.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.

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.