China's central bank on Tuesday announced broad monetary stimulus and property market support measures to revive an economy grappling with strong deflationary pressures and in danger of missing this year's growth target.
The broader-than-expected moves mark the latest attempt by Chinese officials to restore confidence in the world's second-largest economy after a slew of disappointing data in recent months.
Chinese stocks and bonds rallied, and Asian stocks hit 2-1/2-year highs as Governor Pan Gongsheng announced plans to lower borrowing costs and inject more liquidity into the economy, as well as to ease households' mortgage repayment burden.
"The move probably comes a bit too late, but it is better late than never," said Gary Ng, senior economist at Natixis.
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