(Yicai Global) April 20 - China's National Interbank Funding Center, an institute under the central bank, has cut the benchmark loan prime rate for one- and five-year loans in order to ease the cost of financing for the real economy.

The center cut the one-year rate by 20 basis points to 3.85 percent and lowered the five-year rate, used as the benchmark for home mortgages, by 10 bips to 4.65 percent.

Market participants had anticipated a reduction in the rate after the central bank conducted medium-tern lending facility loans in the open market at a lower rate five days ago.

Editor: James Boynton