The People’s Bank of China took more steps to boost its flagging economy, after a slew of downbeat indicators recently sparked concerns that Beijing’s official annual growth target of around 5% might be out of reach.

People's Bank of China Governor Pan Gongsheng is set to speak to reporters Tuesday alongside two other financial regulator heads.

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.

China’s central bank lowered a short-term policy rate and pumped more liquidity into the financial system, as it continues efforts to help boost the economy.

Announcing the measures, People's Bank of China Gov. Pan Gongsheng said the reserve requirement ratio -- the amount of money that commercial lenders must hold -- will be reduced by half a percentage point. The cut will result in long-term liquidity of about 1 trillion yuan flowing into the financial market, he said.

China’s central bank announced it will inject one-year liquidity to domestic lenders on Sept. 25, marking a third delay amid a broad overhaul of its policy toolkit.

People's Bank of China Gov. Pan Gongsheng also said the central bank would cut the 7-day repo rate by 0.2 percentage points.