China's central bank unveils broad easing measures to revive economy

BEIJING: China's central bank announced broad monetary stimulus and property market support measures to revive an economy grappling with strong deflationary pressures and in danger of missing this year's growth target.

Governor Pan Gongsheng, speaking at a news conference alongside officials from two other financial regulatory agencies, said the central bank will cut the amount of cash that banks must hold as reserves - known as reserve requirement ratios (RRR) - by 50 basis points.