China’s central bank has announced far-reaching economic measures to address the country’s weakening economy. People’s Bank of China Governor Pan Gongsheng said the measures aim to lower interest rates on existing real estate loans. The minimum down payment for a second home loan was to be reduced from 25% to 15% as part of the measures. In addition, banks will have to hold less cash than before with the the reserve requirement ratio, or RRR, set to be reduced by 0.5 percentage points, Pan said in a press conference in Beijing. This will provide the financial market with an additional 1 trilli…