People’s Bank of China governor Pan Gongsheng announced a range of measures to stimulate the economy.

Property stocks in Hong Kong rally on mortgage stimulus

Bitcoin (BTC) started to pare weekly gains early Tuesday, falling to $62,700 after reaching a nearly one-month high of $64,500 at the start of the week as China unveiled fresh stimulus to revive a slowing economy.

The People's Bank of China (PBOC) said it was cutting the reserve requirement ratio for mainland banks by 50 basis points while also lowering the seven-day reverse repo rate – the interest rate at which a central bank borrows funds from commercial banks – by 20 basis points to 1.5%. In addition, the central bank cut the minimum down payment requirement for mortgages to 15%.

BTC fell 2.2% in the past 24 hours with other major tokens also showing losses. Ether (ETH), BNB Chain’s (BNB), XRP (XRP) and Solana’s sol (SOL) lost up to 1.8%. Such drops are common after a large rally and may not be necessarily tied to China's rate decision.