PBOC’s Leanest Year for Easing Since 2021 Defies Wall Street

China has kept its central bank on the sidelines of managing an economy hampered by weak demand and deep-seated imbalances, defying Wall Street forecasts for the biggest interest-rate cuts in a decade.

During a year defined by the trade chaos unleashed by Donald Trump, the People’s Bank of China lowered its policy rate only once, by 10 basis points. That’s the least it’s delivered annually since a pause in 2021. It’s also a far cry from predictions for up to 40 basis points of easing from the likes of Goldman Sachs Group Inc. and Morgan Stanley.