This Sept 28, 2018 photo shows the headquarters of the People's Bank of China, the central bank in Beijing. China's one-year loan prime rate, a market-based benchmark lending rate, came in at 3.65 percent on March 20, 2023, unchanged from the previous month. (PHOTO / VCG)

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

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

ALSO READ: China's loan prime rates remain unchanged

China lowered the one-year rate by 5 basis points to 3.65 percent in August 2022. The over-five-year rate was also slashed last year.

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.