China's central bank said on Friday it was lowering the borrowing cost of its seven-day reverse repurchase agreements, as part of the biggest stimulus package since the pandemic unveiled by Beijing this week to support the economy.

China has rolled out a raft of measures aimed at countering a prolonged downturn in its property market that is dragging on the world's second largest economy.

China is redoubling its first-aid for the economy, targeting banks, workers and poor families as the ruling Communist Party prepares to mark the 75th anniversary of the founding of the People's Republic.

Xi Jinping has called for the introduction of “forceful” interest rate cuts as the Chinese president battles to kickstart the stuttering economy. In a rare admission from China’s leadership, officials said the world’s second-largest economy was facing fresh turmoil as they vowed to inject greater levels of fiscal stimulus.