Australia's central bank on Tuesday held interest rates steady as expected and reiterated that policy needed to stay tight, sticking to its guns a week after the Federal Reserve started its easing campaign with a bang.

The Chinese central bank announced Tuesday a slew of measures aimed at reviving the sluggish economy, mainly by tackling a downturn in the property sector. People’s Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.

The Reserve Bank of Australia kept interest rates steady, deepening a split with global counterparts including the Federal Reserve that are loosening policy as they grow increasingly confident that inflation is under control.