China's central bank announced on Friday that it has launched a new benchmark lending rate for commercial banks in a bid to make interest rates more market-oriented.

The People's Bank of China (PBOC) said in a statement on its website that the mechanism for releasing a Loan Prime Rate (LPR) is based on lending rates reported each working day by nine commercial banks designated by the central bank.

In the initial stage, the central bank will only release the one-year LPR to the public.

The one-year LPR for Friday stood at 5.71 percent, according to the PBOC. Endi

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