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.

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 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 rolled out a raft of measures Tuesday aimed at countering a prolonged downturn in its property market that is weighing on the world’s second largest economy. The chief of China’s central bank said it would cut the amount of reserves banks are required to keep.

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 announced an unusually broad package that signals growing unease in Beijing after a run of downbeat numbers on jobs, spending and inflation.