BEIJING — China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.85 percent on March 22, 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 (NIFC).

According to analysts, the lending rates have remained steady for 11 consecutive months, matching market expectations.

The sound recovery of China's macro-economy along with accelerated production and the positive prospect of economic activities provided support for the stable lending rates, said Wen Bin, chief analyst at China Minsheng Bank.

China will adopt a prudent monetary policy that is flexible, precise, appropriate and moderate in 2021, according to this year's government work report.

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 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.