China kept its benchmark lending rates unchanged for the fourth straight month on Monday despite the U.S. Federal Reserve's interest rate cut last week.

The People's Bank of China kept the one-year loan prime rate unchanged at 3.0% while the five-year rate remained at 3.5%, according to a statement . The one-year rate influences most new and outstanding loans, while the five-year benchmark affects mortgages.

The central bank last trimmed the key lending rates by 10 basis points in May as part of Beijing's efforts to shore up its economy.

The PBOC last Thursday kept the seven-day reverse repo rate, which serves as the main policy rate, unchanged, following the Fed's 25-basis-point cut.

The benchmark lending rates — normally charged to banks' best clients — are calculated monthly bas

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