The People's Bank of China announced on Friday that the country's benchmark loan prime rates (LPRs) remained unchanged from the previous month. 

The 1-year LPR, the country's market-based benchmark lending rate, is 3.45 percent; while the LPR for terms over five years, on which many lenders base their mortgage rates, stands at 4.2 percent.

Previously, China lowered the one-year rate by 10 basis points to 3.45 percent in August. The over-five-year rate was slashed by 10 basis points to 4.2 percent in June.

The monthly data is a pricing reference for banks based on the rates of the central bank's open market operations, especially the medium-term lending facility rate.

JLL China's Chief Economist Bruce Pang noted that the stability of the LPRs aligns with market expectations, after the anchoring interest rate for LPR, which is the medium-term lending facility (MLF), also remained unchanged this month.

Recent macroeconomic data shows that the country's economic recovery is solidifying with an upward trajectory, and reduces the need to cut interest rates, Pang added. 

He said the Chinese central bank is expected to continue maintaining a prudent monetary policy stance to ensure a reasonable supply of liquidity, while maintaining flexibility in managing the pace of credit expansion and strengthening coordination with fiscal and industrial policies.

Considering the yuan's exchange rate and interest rate uncertainties in other major economies, Pang said that the continued support in the key areas of the Chinese economy and vulnerable sectors may have a more positive impact on boosting domestic demand, restoring confidence and aiding growth, compared to interest rate adjustments.

(With input from Xinhua)