(Yicai Global) July 20 -- The People's Bank of China will hold its benchmark loan prime rate unchanged this month, according to a statement by the central bank today.

The one-year LPR will stay at 3.85 percent and that for loans of more than five years will remain at 4.65 percent. The rates have not changed for three months since April’s cut.

The PBOC introduced the LPR in 2013. The reference rate, which is reviewed each month, is based on the central bank's open market operations, and above all its medium-term lending facility rates.

Editor: Ben Armour