China cuts rates amid moves to help slowing economy

The central business district in Beijing (Ng Han Guan/AP)

China rolled out a raft of measures on Tuesday aimed at countering a prolonged downturn in its property market that is weighing on the world’s second largest economy.

The chief of China’s central bank said it would cut the amount of reserves banks are required to keep. It also slashed interest rates on its loans to commercial banks, reduced required down payments for some property purchases and promised other moves to revive the slowing economy.