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

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.

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.