Chinese central bank unveils economic stimulus package

Sept. 24 (UPI) -- China's central bank Tuesday cut mortgage interest rates, the minimum downpayment for homebuyers and said it would soon slash the size of the contingency cash buffer banks must keep on one side in a bid to boost growth in the world's second-largest economy.

People's Bank of China Gov. Pan Gongsheng announced the imminent half-percentage point cut in the so-called hold reserve requirement ratio for banks to 6.5% at a news conference in Beijing.

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