China's central bank cuts bank reserve rates, pledges other moves to help the economy
property sector.
People's Bank of China Gov. Pan Gongsheng said the reserve requirement for banks would be cut by 0.5 percentage points and that the central bank would follow up with further cuts. That would free up more money for lending.
The news lifted share prices, especially for real estate developers. Hong Kong's Hang Seng index jumped 2%, while the Shanghai Composite index was up 0.8%.
The central bank plans new policies to support stable development of the stock market, Pan told reporters in Beijing.
He also said down payment requirements for buyers of second homes would be reduced to 15% from 25% and that mortgage rates would be cut by about 0.5%.
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