China's central bank, top securities regulator and financial regulator on Tuesday announced at a press conference a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country's high-quality economic development, according to Xinhua.

Pan Gongsheng, governor of the People's Bank of China, said China would cut the reserve requirement ratio (RRR) by 0.5 percentage points in the near future, providing about 1 trillion yuan (about 141.82 billion U.S. dollars) in long-term liquidity to the financial market.

Depending on the liquidity situation in the market, RRR may be further lowered by 0.25 to 0.5 percentage points within the year, Pan said.

He said that the central bank will reduce the interest rate of seven-day reverse repurchases from 1.7 percent to 1.5 percent.

The reduction was aimed at guiding the loan prime rate and deposit rate to move downward and maintaining stability in the net interest margin of commercial banks, said Pan.

Pan said the central bank would keep monetary policy accommodative, strengthen monetary policy regulation, make monetary policy regulation more precise, and create a sound monetary and financial environment for stable economic growth and high-quality development.

China targets economic growth of around 5 percent in 2024.

The country's economy maintained stable expansion in the first half of the year despite rising challenges from home and abroad.

Data from the National Bureau of Statistics (NBS) showed that China's gross domestic product (GDP) grew 5 percent year on year in the period to 61.68 trillion yuan. In the second quarter, China's GDP expanded 4.7 percent year on year.