The People’s Bank of China (PBoC) slashed its key seven-day reverse repo rate by 10 basis points on Tuesday, as Beijing looks to support a flagging post-pandemic recovery in the world’s second-largest economy.

The move could be a signal that longer-term interest rates may begin to ease in the coming days in the face of weak demand and investor sentiment.

Analysts quoted by Reuters said the rate cut shows that China’s central bank is becoming increasingly concerned about the outlook for growth in the country. An economic rebound, following the end of harsh COVID-era rules, is beginning to show signs of fading, marked in part by slipping exports and manufacturing activity.

Elsewhere, Bloomberg News reported that Beijing is mulling over new stimulus measures to help boost China’s slumping property sector, which has been hit by a string of defaults and project suspensions.