China’s banking regulator announced on Friday it would cut the required reserve ratio (RRR) for commercial banks that lent significantly to small firms and the farming sector, the third time China’s central bank proposed reducing the RRR since March, Reuters reported. The move comes amid fears that rapid credit expansion and the nationwide property cooldown will prevent China from achieving its 7.5% growth target this year. The rate cut is part of a more nuanced approach, in which authorities selectively relax credit in areas that they believe require assistance, rather than let money seep into speculative or wasteful activities.