BEIJING, July 22 (Xinhua) -- China on Monday cut the market-based benchmark lending rate.
The one-year loan prime rate (LPR) came in at 3.35 percent Monday, down from the previous reading of 3.45 percent, according to the National Interbank Funding Center.
The over-five-year LPR, on which many lenders base their mortgage rates, was lowered by 10 basis points to 3.85 percent. ■
