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

China central bank governor says will step up credit support to economy
FILE PHOTO: Governor of People's Bank of China (PBOC) Yi Gang attends a news conference on China's economic development ahead of the 70th anniversary of its founding, in Beijing, China September 24, 2019. REUTERS/Florence Lo -
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FLORENCE LO(Reuters)
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BEIJING (Reuters) – 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 <601398.SS>, Agricultural Bank of China <601288.SS> and China Construction Bank <601939.SS>.

(Reporting by Beijing Monitoring Desk; Editing by Alison Williams)

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