Global lenders like Goldman Sachs Group Inc. retracted calls for further monetary stimulus in China this year after the central bank telegraphed more patience in steering an economy still on track to hit growth targets.
The People’s Bank of China downplayed concerns over a slowdown in new loans and pledged in a Tuesday report to adopt “cross-cyclical” policy adjustments. Appearing for the first time in more than a year in its quarterly statements, that phrase emphasizes a longer-term horizon that looks beyond temporary volatility in economic growth.