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

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

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 stock market surged the most in more than two years and industrial commodity prices bounced after Beijing on Tuesday unleashed a swathe of stimulus measures.