China's central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans before Oct. 31, as part of sweeping policies to support the country's beleaguered property market as the economy slows.

The People’s Bank of China has cut its main policy rate and its reserve requirement ratios (RRRs) for banks, as part of the economic stimulus package it unveiled earlier this week.

The People’s Bank of China delivered another policy rate cut, a day after announcing a slew of monetary easing measures to aid the economy amid concerns that Beijing’s annual growth target is increasingly out of reach.

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.

China took steps to lower borrowing costs on as much as $5.3 trillion in mortgages for millions of families in its latest attempt to shore up the troubled property sector.

Six of China's biggest banks said they would tweak interest rates on mortgages for existing home loans following a request to lower them from Beijing's central bank, state media said

The People's Bank of China (PBOC) told commercial banks on Sunday to start lowering interest rates on all existing housing loans, in a sweeping move to help lighten the mortgage burden on households hit by a slowing economy.

Chinas central bank announced on Sunday that it will instruct commercial banks to reduce mortgage rates for existing home loans before October 31. This is part of a broader effort to support the countrys