China's loan prime rates, the market-based lending benchmarks, fell for the first time since August 2022 on Tuesday as policy efforts strengthened to bolster economic recovery.

The one-year LPR dropped by 10 basis points to 3.55 percent on Tuesday, while the over-five-year LPR, on which lenders base their mortgage rates, dropped by the same amount to 4.2 percent, according to the People's Bank of China, the country's central bank.