BEIJING — China's one-year loan prime rate (LPR), a market-based benchmark lending rate, came in at 3.85 percent on May 20, 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).

The lending rates have remained unchanged for 13 consecutive months 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.

The People's Bank of China, or the central bank, on May 17 injected a total of 100 billion yuan (about $15.47 billion) into the market via a one-year medium-term lending facility (MLF). The interest rate remained unchanged from the previous injection, at 2.95 percent.

Based on bank quotes calculated by adding a few basis points to the interest rate of open market operations (mainly referring to the MLF 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.