China unveils raft of stimulus measures to boost flagging economy

It comes just days after the US central bank cut interest rates for the first time in over four years.

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People's Bank of China (PBOC) Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to increase their lending.

The move comes after a series of disappointing data has increased expectations in recent months that the world's second largest economy will miss its own 5% growth target this year.

Stock markets in Asia jumped after Mr Pan's announcement.

Speaking at a rare news conference alongside officials from two other financial regulators, Mr Pan said the central bank would cut the amount of cash banks have to hold in reserve - known as reserve requirement ratios (RRR).

https://www.bbc.com/news/articles/cjd5xlv03jxo

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