China's central bank is kicking into gear, launching new stimulus designed to counter the country's slowest economic growth in six years. The People's Bank of China announced on Sunday that it will lower the amount of cash that large banks must keep on reserve by 1% to 18.5%, a move that should boost the economy by freeing up money for banks to lend. Economists have expected the central bank to act, especially after a slew of disappointing economic data last week. First quarter GDP growth came in at 7%, the worst since 2009, and a host of other figures were weaker than anticipated. But analysts said the magnitude of this move shows just how worried policymakers are overeconomic growth. The last time Beijing slashed the reserve requirement ratio by 1% in a single go was during the height of the global financial crisis. Economists expect the PBOC to again lower the reserve requirement ratio and cut interest rates later this year in order to meet the government's GDP growth target of about 7%. The government hascut rates twice since last November. The central bank's policy shift may also be aimed at neutralizing the negative impact of new stock trading rules. China's securities regulator issued guidelines on Friday that clamped down on margin trading, while making it easier to short stocks.