Beijing | China’s central bank has unleashed an unprecedented blitz of policy support for the economy, as authorities made their boldest swing so far to hit this year’s annual growth target of about 5 per cent, after a flurry of Wall Street banks downgraded their forecasts.

People’s Bank of China governor Pan Gongsheng cut the amount of money banks must hold in reserve to the lowest level since at least 2020, and reduced a key policy rate at a rare briefing in Beijing on Tuesday. That marked the first time both measures were slashed on the same day in at least the past decade, underscoring the urgency of his task.

Bloomberg