China banks weigh trimming deposit rates as early as this week, Bloomberg News reports

(Reuters) - Chinese banks are set to cut rates on 300 trillion yuan ($42.20 trillion) of deposits as soon as this week, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Major banks including Industrial & Commercial Bank of China and China Construction Bank Corp will be guided by the central bank's interest rate self-disciplinary mechanism to lower the rates on a number of deposit products, the report said.

Rates on one-year time deposits may drop by at least 20 basis points, while those on longer tenors may come down at least 25 basis points, the report added.

($1 = 7.1091 Chinese yuan renminbi)

(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Sonali Paul)