Buildings in Pudong's Lujiazui Financial District in Shanghai, China, on Monday, Jan. 29, 2024.

Mainland China's CSI 300 clocked its best day in over four years on Tuesday after Beijing announced a slew of policy easing measures in a rare briefing from central bank governor Pan Gongsheng.

The index rose 4.33%, notching its best day since July 2020, to close at 3,351.9.

Hong Kong's Hang Seng index was up nearly 4% after the decision, also on track to see its best day in over seven months following the PBOC briefing.

The PBOC will cut the reserve requirement ratio for banks by 50 basis points, although it did not provide a specific timeline. It also announced it would cut the seven-day reverse repurchase rate from 1.7% to 1.5%.

Pan also said that authorities could cut the loan prime rate by 0.2 to 0.25 percentage points, without specifying whether he was referring to the one-year or five-year. The one-year LPR currently stands at 3.35% and five-year LPR is at 3.85%.

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