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.

BEIJING - China's central bank on Friday cut the interest rate of seven-day reverse repos from 1.7 percent to 1.5 percent. The move aims at intensifying counter-cyclical adjustment of the monetary policy and supporting the stable economic growth of the country, according to a statement of the People's Bank of China.

The move is the latest in a weeklong burst of easing measures aimed at stimulating China’s moribund property market.

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.

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.