(Yicai  Global) March 20 -- China will keep its benchmark loan prime rate as it  is this month despite interest rate cuts around the world, according to  the central bank.

China's  one-year LPR will be maintained at 4.05 percent and that for loans that  go beyond five years will stay at 4.75 percent, the National Interbank  Funding Center under the People's Bank of China announced today. The  next LPR review will be on April 20. 

Last  August, the PBOC said it will reform its LPR mechanism to better  reflect market changes and to support the real economy. The reference  rate, which is checked every month, is based on the central bank's open  market operations, and especially its medium-term lending facility  rates.

Companies offered loans at rates not in line with the LPR should report  the lender to official watchdogs and self-regulating industrial bodies,  the central bank said last August. 

Last month, the one-year LPR was lowered by 10 bips to 4.05 percent. The long-term rate was moved down by 5 bips.

Editor: Emmi Laine