China on Monday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3.1 percent from the previous reading of 3.35 percent. According to the National Interbank Funding Center, over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.6 percent from 3.85 percent, China's Xinhua News Agency reported. Source: Qatar News Agency