Five of China39;s biggest banks cut interest rates
Vote on embattled developer Country Garden due Friday
Central bank cuts amount of forex banks must hold as reserves
Beijing to take more action to revive property sector sources
Moves part of broader measures to shore up economy

BEIJING, Sept 1 Reuters China stepped up measures to boost the country39;s faltering economy on Friday, with top banks paving the way for further cuts in lending rates and sources saying Beijing plans further action including relaxing homepurchase restrictions.

As part of the support measures, Chinese authorities also reduced the amount of funds institutions need to hold in foreign exchange reserves. The measures cheered investors, and analysts said they should prevent a further downturn in the struggling property sector.

China is grappling with a slowdown that has rattled global markets, with the spotlight now firmly focused on troubled developer Country Garden39;s spiralling debt crisis in a sector that contributes to roughly a quarter of the economy.

As pressure mounts, the authorities have rolled out a series of measures to spur the economy and revive the property market, with steps including the easing of some borrowing rules and a cut to the amount of forex banks must hold as reserves.

The country is set to take further action including relaxing homepurchase restrictions, four people familiar with the matter said.

Regulators including the housing ministry, central bank and…