The People's Bank of China (PBOC) cut the seven-day repo rate to 1.5% from 1.7% on Friday. Additionally, the Chinese central bank announced to cut the amount of the reserve requirement ratio (RRR), the required minimum capital banks must hold in reserve, by 50 basis points (bps).

China's central bank will cut banks' reserve requirement ratio by 50 basis points and further reduce key interest rates to support a recovery in prices, its governor Pan Gongsheng said on Tuesday. Pan,

People's Bank of China Gov. Pan Gongsheng also said the central bank would cut the 7-day repo rate by 0.2 percentage points.

In a bid to revive its economy, China's central bank has unveiled a broad monetary stimulus and property market support measures. Pan Gongsheng, Governor of the People's Bank of China, today announced that the central bank will cut reserve requirement ratios (RRR) by 50 basis points.