Investors rejoiced after China unleashed the largest stimulus package since the start of the pandemic, but analysts warned more support was needed to arrest the slump in commodity prices caused by the nation’s property crisis.

The People’s Bank of China on Tuesday slashed the amount of cash that banks must hold as reserves to the lowest level since at least 2020, and cut another key policy rate in a last-ditch effort to achieve a growth target of around 5 per cent this year.