The National Interbank Funding Centre said the over-five-year LPR, on which many lenders base their mortgage rates, also remained unchanged from the previous reading of 3.95 per cent.

The over-five-year rate was reduced in February by 25 basis points to 3.95 per cent—the largest drop in recent years. The one-year rate remained unchanged in February.

A lower LPR is likely to shore up the credit and property markets, reduce the financial cost of businesses and individuals, and contribute to a steady economic recovery, a state-controlled news agency reported.

Fibre2Fashion News Desk (DS)