The Chinese central bank has announced a number of measures to boost the country’s flagging economy.
Pan Gongsheng, the governor of the People’s Bank of China (PBOC) has said that borrowing costs would be lowered and banks would be allowed to lend more. Banks would also be allowed to lower the amount of cash they are required to hold in reserve.
This comes after economic data showed that the country was likely to miss its economic growth target of 5% this year.
The announcement was welcomed by markets with stock exchanges around Asia rising on the news.