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

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

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.