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.

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.

A s China’s economy has descended into deflation, the central bank’s lack of urgency has been a source of frustration. Officials at the People’s Bank of China (PBoC) at firs