China's major state-backed banks are expected to reduce their deposit rates on Tuesday to help boost the economy, Reuters reported Monday, citing sources.

Industrial and Commercial Bank of China (SHA:601398, HKG:1398), China Construction Bank (HKG:0939, SHA:601939), and Bank of China (HKG:3988, SHA:601988) were among the banks named to trim rates on some fixed-term deposits, but the banks did not immediately reply to Reuters' requests for comment, the report said.

The possible rate cut would follow the series of stimulus measures announced by the People's Bank of China earlier in the month as the country faces pressure amid its tariff war with the US. PBOC Governor Pan Gongsheng previously said that a 10 basis point reduction to the seven-day reverse repo rate would trim the benchmark loan prime rate of the same size, the report said.

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