BEIJING - China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3 percent on Wednesday, 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 3.5 percent, according to the National Interbank Funding Center.

LPRs reflect the level of financing costs for households and businesses. Lower rates will ease the burden on borrowers, leading to more investment and consumption.

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Latest data shows that the weighted average interest rate for new business loans fell to about 3.2 percent in July, down 45 basis points from a year earlier, while the rate for new personal mortgages dropped to around 3.1 percent, a decrease of 30 basis points.

China has vowed to adopt a moderately loose monetary policy in 2025, according to this year's government work report.