China central bank governor says will step up credit support to economy

China will step up credit support to the economy and push real lending rates lower, the central bank governor Yi Gang said on Tuesday, adding that authorities will promote capital replenishment and boost banks' ability to increase lending.

Lenders are urged to reference the Loan Prime Rate (LPR) when it comes to issuing loans, Yi told a meeting with representatives from commercial banks including Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank.