2nd LD-Writethru-Economic Watch: China cuts benchmark lending rate to buoy economic recovery

BEIJING, July 22 (Xinhua) -- 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 on 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