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,

For universal and commercial banks, the RRR has been reduced to 7%. The Bangko Sentral ng Pilipinas (BSP) has reduced the reserve requirement ratios (RRR) for financial institutions by up to 250 basis points,

People’s Bank of China Governor Pan Gongsheng said during a press conference on Tuesday that China will cut the amount of the reserve requirement ratio (RRR) by 50 basis points (bps). Pan added that the Chinese central bank would cut the 7-day repo rate to 1.5% from 1.7% and down payments for second homes will be cut to 15% from 25%.

China’s central bank cut a key policy rate just one day after announcing several monetary easing measures to boost lending amid concerns that Beijing might miss its official annual growth target this year.