BEIJING -- China on Monday cut the market-based benchmark lending rate, in line with market expectations as authorities stepped up monetary support to shore up the economy.

The one-year loan prime rate (LPR) came in at 3.35 percent Monday, down from the previous reading of 3.45 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 3.85 percent.

The monthly-released data is a pricing reference rate for banks and is based on rates of the People's Bank of China (PBOC)'s open market operations.

To better manage expectations and connect the LPR release time with the market operations, the PBOC also announced to change the time of its monthly release of the rates to 9 am from 9:15 am roughly on 20th of each month.

The adjustment takes effect on Monday, the PBOC said.

Earlier on Monday, the central bank lowered the interest rate on seven-day reverse repos, a key short-term policy rate, from 1.8 percent to 1.7 percent, amid efforts to strengthen counter-cyclical adjustments to better support the real economy.

The PBOC conducted 58.2 billion yuan (about $8.16 billion) of seven-day reverse repos at an interest rate of 1.7 percent. The operation was to keep liquidity reasonable and ample in the banking system, it said.