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China's central bank announced significant monetary stimulus and support measures for the property market on Tuesday, aiming to revive an economy facing severe deflationary pressures and at risk of missing its growth target for the year.Governor Pan Gongsheng revealed plans to lower borrowing costs, inject more liquidity into the financial system, and reduce the mortgage repayment burden on households. The announcement led to a rally in Chinese stocks and bonds, and pushed Asian stocks to a 2-1/2 year high.Pan, speaking at a news conference alongside officials from two other financial regulatory agencies, stated that the central bank will soon cut the reserve requirement ratios (RRR) by 50 basis points. This move is expected to release around 1 trillion yuan ($141.93 billion) for new lending, although credit demand has remained notably weak.“With elevated real interest rates, poor sentiment, and no rebound in the property market, China needs a lower-rate environment to boost confidence,” commented Gary Ng, senior economist at Natixis. He acknowledged that while the measures may have come later than hoped, they are still a necessary step to stabilize the economy.The broader-than-anticipated measures represent the latest effort by Chinese authorities to restore confidence in the world’s second-largest economy following a series of disappointing economic indicators in recent months.