China’s central bank cut a key policy rate just one day after announcing several monetary easing measures to boost lending amid concerns that Beijing might miss its official annual growth target this year.

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.

In a joint press conference on Sept. 24 between the PBOC, the China Securities Regulatory Commission and the National Financial Regulatory Administration, China unveiled a slew of stimulus, including the reduction of the seven-day reverse repurchasing rate to 1.5% from 1.7% and the reserve requirement ratio to 9.5% from 10%.