BEIJING — China on Aug 22 cut the market-based benchmark lending rate in a bid to shore up growth.

The one-year loan prime rate (LPR) came in at 3.65 percent on Aug 22, down from 3.7 percent, according to the National Interbank Funding Center.

The over-five-year LPR, on which many lenders base their mortgage rates, was lowered by 15 basis points to 4.3 percent.

The reduction followed the cut in the over-five-year rates in May.

The monthly-released data is a pricing reference rate for banks and is based on rates of the central bank's open market operations, especially the medium-term lending facility rate (MLF).

China's central bank cut the interest rates of its MLF loans by 10 basis points last week, the second such move this year.

The central bank pledged to intensify the implementation of prudent monetary policy and give full play to the functions of monetary policy tools.