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 package marks the latest attempt by Chinese officials to restore confidence in the world’s second-largest economy.

But analysts noted the absence of any policies aimed at supporting real economic activity. Given weak credit demand from businesses and consumers, more fiscal stimulus may be needed to complement the moves announced by the People’s Bank of China.

The chief of China’s central bank said it would cut the amount of reserves banks are required to keep. It also slashed interest rates on its loans to commercial banks, reduced required down payments for some property purchases and promised other moves.

Policy announcements are also expected from the Swiss National Bank, which is expected to cut rate by 25 bps, and Norways Riksbank, also seen cutting by 25 bps, this week.

Reuters & AP