China's central bank is lowering the reserve requirement ratio by 50 basis points today.
This represents the first across-the-board cut in the reserve requirements since May 2012.
On top of this, the central bank is cutting the reserve requirements for banks which focus more on lending to small and micro-sized enterprises, as well as the farming sector, by an additional 50-basis points.
China's major lenders currently need to hold 20 percent of their deposits in reserve.
The ratio for small and medium-sized banks is 16.5 percent.
The move comes just days after the purchasing managers' index, a main gauge of manufacturing activity, fell below 50 for the first time since October 2012.
For more on the move, we're now joined live by CRI's Financial Commentator Cao Can.
