China unleashes boldest stimulus in years to boost ailing economy

The People's Bank of China announces a host of policy support measures but some experts fear they may not be enough

China's central bank unveiled its strongest suite of economic stimulus measures since the start of the Covid pandemic, underlining the difficulty it faces in reviving an economy grappling with a prolonged property crisis and strong deflationary pressures.

Governor Pan Gongsheng said the People's Bank of China will cut the amount of cash that banks must hold as reserves - known as reserve requirement ratios (RRR) - by 50 basis points. The People's Bank of China will also cut a key policy rate by 0.2 percentage points to 1.5%.