China's central bank has unveiled additional monetary easing measures to prop up the economy. This comes as the country's real-estate slump drags on.

People's Bank of China Governor Pan Gongsheng said the bank will cut its seven-day reverse repo rate from the current 1.7 percent to 1.5. The central bank is setting this as its new main policy rate.

The reduction is expected to lower interest rates for housing loans and corporate borrowings as well.

The governor said the central bank will also reduce the reserve requirement ratio for banks. He said this will provide about 1 trillion yuan, or 140 billion dollars, to the financial market.

China's outlook is gloomy due to the sluggish property market. The extra stimulus measures aim to strengthen the economy by supporting home purchases and corporate funding.