China's central bank cuts bank reserve rates, pledges other moves to help economy

China's economic revival: The Chinese central bank announced Tuesday a slew of measures aimed at reviving the sluggish economy 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 0.5 percentage points and that the central bank would follow up with further cuts.

The central bank plans new policies to support stable development of the stock market, he told reporters.

Pan also said down payment requirements for buyers of second homes would be reduced to 15 per cent from 25 per cent and that mortgage rates would be cut.

The latest moves to support the economy mainly centre on addressing a crisis in the housing market after authorities cracked down on excessive borrowing by developers, leading many to default on their debts. 

(This is a developing story)