China cuts rates, rolls out other moves to help the slowing economy

AP Business Writer

China has rolled out a raft of measures aimed at countering a prolonged downturn in its property market that is dragging 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. Disruptions and job losses during the COVID-19 pandemic, coupled with falling prices for homes, have left many Chinese unwilling or unable to spend, despite government efforts to encourage purchases of homes, electric vehicles and other big-ticket items.