BEIJING, June 20 (Xinhua) -- China on Tuesday cut the market-based benchmark lending rate.

The one-year loan prime rate (LPR) came in at 3.55 percent Tuesday, down from the previous reading of 3.65 percent, according to the National Interbank Funding Center.

The over-five-year LPR, on which many lenders base their mortgage rates, was lowered by 10 basis points to 4.2 percent.