China unveiled sweeping policy measures on Wednesday, including interest rate cuts, as the country intensifies efforts to bolster economic growth amid mounting trade worries.

The People's Bank of China (PBOC) will cut the seven-day reverse repurchase rate by 10 basis points to 1.4 percent from 1.5 percent, Governor Pan Gongsheng announced during a press briefing. This move will bring down the loan prime rate, the main policy rate, by around 10 basis points, the governor said.

The central bank will also lower the reserve requirement ratio, which determines the amount of cash banks must hold in reserves, by 50 basis points, unleashing additional liquidity of 1000 billion yuan ($138.6 billion) to the market.

Additionally, the PBOC will reduce the mortgage rates under the nation’s housing provident fund, a government-backed housing lender, by 25 basis points. Rates on five-year loans for first-time homebuyers will be trimmed to 2.6% from 2.85%, the governor said.