Feb 20 (Reuters) - China made a big cut to its benchmark reference rate for mortgages on Tuesday, in a powerful signal authorities are ramping up efforts to revive the property market and economy.

The five-year loan prime rate (LPR) was lowered by 25 basis points to 3.90% from 4.20% previously.

QUOTES:

MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE

"I think 25 basis points is somewhat bigger than expected ... it's a signal that they're prepared to put in more reflationary policy, this is something that the market has been expecting, although I think that expectation was somewhat tempered over the weekend because they kept the MLF rate unchanged.

"This loan prime rate, which is more relevant for the housing market itself, that has been lowered to provide more support for the housing market. There have been property easing measures going into the Lunar New Year, and I think that also sends a signal that they're prepared to provide more support or more policy help for the property sector, because that's one of the major concerns among investors."

CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE

"It is a significant cut, showing policymakers are serious in providing stimulus support to the economy. This should provide some support to risk-proxy currencies, including AUD, but it remains to be seen if it is sufficient to keep momentum sustained. Markets are still on the lookout for more fiscal support measures, in particular targeting consumption."

ANDY MAYNARD, HEAD OF EQUITIES, CHINA RENAISSANCE, HONG KONG

"It was the first cut in eight months, and the largest since that rate was introduced in 2019. Very positive for the market, and seeing an instant reaction to the upside in the futures and equities market.

"Overall, positive, showing the commitment and stature from both policy makers and central banks in terms of support and stability to the market and inject a measure of support. This follows on from very good consumer and retail numbers over the CNY period. We may see a little profit taking on the H-shares, but the momentum to the upside seems maintained, in line with most analysts and strategy pieces." (Reporting by Rae Wee; Editing by Rashmi Aich)