This Sept 28, 2018 photo shows the headquarters of the People's Bank of China, the central bank, in Beijing. (PHOTO / VCG)

BEIJING - China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.85 percent on Tuesday, 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 4.65 percent, according to the National Interbank Funding Center.

The over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 4.65 percent, according to the National Interbank Funding Center

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Previous data showed that the lending rates have remained unchanged for a year since April 2020.

China's central bank has reiterated that it will prioritize stability in its monetary policy and avoid making sudden shifts in 2021.

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Based on bank quotes calculated by adding a few basis points to the interest rate of open market operations (mainly referring to the medium-term lending facility rate), the LPR is calculated by the NIFC to serve as a pricing reference for bank lending. The LPR currently consists of rates with two maturities -- one year and over five years.

The quoting banks submit their figures before 9 a.m. on the 20th day of every month. The NIFC calculates and releases the LPR at 9:30 a.m. on the same day or on the next working day.