Chinese regulators have asked banks and other lenders to cut the ceilings on some deposit rates, according to media reports.

The move comes as recent data suggest China’s economic recovery may be losing momentum, with deflationary pressures mounting and borrowing shrinking.

Reuters’ sources said the “interest rate self-disciplinary mechanism” issued instructions to the four largest state-owned lenders. The self-disciplinary mechanism, which comprises big and small banks, is a regulatory body