HONG KONG—China’s central bank said it would reduce the amount of money banks are required to set aside, as it moved to stimulate a slowing economy that has been weighed down by a slump in the property market.
The effort to inject liquidity into the financial system signals Beijing’s growing concerns about the growth outlook for the world’s second-largest economy. The move comes as the government has taken a flurry of measures to avoid a downward spiral in the housing market and stabilize heavily indebted developers such as China Evergrande Group .
