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.

China's central bank on Tuesday unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target, but analysts warned more fiscal help was vital to hit these goals.

The Chinese central bank has reduced the amount of reserves banks are required to keep, among other moves it is rolling out to help revive the slowing economy