1st LD: China cuts market-based benchmark lending rates

BEIJING, Oct. 21 (Xinhua) -- China on Monday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3.1 percent from the previous reading of 3.35 percent.

The over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.6 percent from 3.85 percent, according to the National Interbank Funding Center.

The move, or the third cut this year, is ex