A bank staff counts RMB and US dollar notes in a bank in Nantong, Jiangsu province on Aug 6, 2019. (Photo / Sipa)

BEIJING - China's one-year loan prime rate, a market-based benchmark lending rate, came in at 3.7 percent 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 4.6 percent, according to the National Interbank Funding Center.

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China's central bank has reaffirmed its stance of implementing a prudent monetary policy in 2022, avoiding "flood-like" stimulus, and better utilizing monetary policy tools to adjust both the monetary aggregate and the monetary structure

China's central bank has reaffirmed its stance of implementing a prudent monetary policy in 2022, avoiding "flood-like" stimulus, and better utilizing monetary policy tools to adjust both the monetary aggregate and the monetary structure.

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.

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