China's loan prime rates remain unchanged

BEIJING -- China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3 percent Monday, 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, with lower rates meaning less burdens for borrowers and stronger support for economic activity.

Latest data shows that the weighted average interest rate for new business loans fell to about 3.3 percent in the first six months of this year, down 45 basis points from a year earlier, while the rate for new personal mortgages dropped to around 3.1 percent, a decrease of 60 basis points.

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