China’s central bank cut its key short-term policy rate Monday amid a prolonged property-sector crisis after slower-than-expected growth in the second quarter of this year. The People’s Bank of China said it has lowered the interest rate on seven-day reverse repos, the key policy rate, from 1.8 percent to 1.7 percent, to “better support the real economy.” It was the first cut in the rate since August last year. The world’s second-largest economy posted a real 4.7 percent rise in gross domestic product in the April-June period from a year earlier, official data showed last week, decelerating fr…