HONG KONG—China’s central bank said it would reduce the amount of money banks are required to set aside, as it moved to stimulate a slowing economy that has been weighed down by a slump in the property market.

The effort to inject liquidity into the financial system signals Beijing’s growing concerns about the growth outlook for the world’s second-largest economy. The move comes as the government has taken a flurry of measures to avoid a downward spiral in the housing market and stabilize heavily indebted developers such as China Evergrande Group .

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