In this undated photo, a Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. (PHOTO / IC)

BEIJING – China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.65 percent on Friday, unchanged from the previous month.

The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.3 percent, according to the National Interbank Funding Center.

The country had lowered the one-year rate by 5 basis points to 3.65 percent in August 2022. The over-five-year rate had been slashed by 15 basis points twice last year, first in May and again in August to the current figure.

The monthly data is a pricing reference rate for banks and is based on rates of the central bank's open market operations, especially the medium-term lending facility rate.