China’s central bank took action on Friday to bolster the nation’s struggling economy by cutting a key rate for banks, according to a statement from the People’s Bank of China. The reduction of the minimum reserve requirement by 0.5 percentage points allows banks to hold fewer compulsory deposits, freeing up more funds for lending or purchasing government bonds. The move, aimed at financing infrastructure and other projects, aligns with the central bank’s intention to maintain its “supportive monetary policy.” People’s Bank of China Governor Pan Gongsheng had already announced a package of mea…