Chinese banks lowered their benchmark lending rates while authorities stepped up support for the property market with additional loans, a government-guided attempt at alleviating a worsening housing crisis and bolstering borrowing demand. 

The five-year loan prime rate, a reference for mortgages, was reduced by 15 basis points to 4.3% after being cut by the same magnitude in May. The one-year loan prime rate was cut to 3.65% from 3.7%, the first reduction since January, and smaller than the 10 basis-point drop that economists had expected.