0437 GMT - PBOC seems more constructive on growth and inflation in its 1Q 2026 monetary policy report than in its previous 4Q 2025 report, says Goldman Sachs' Xinquan Chen. The Chinese central bank cited a strong start to 2026 with PPI inflation turning positive in March, the economist notes. Along with a special column on macro prudential management, the PBOC's language changes in the 1Q report "suggest greater emphasis on risk management and policy transmission," the economist says. This supports GS' baseline view of no policy rate or RRR cuts this year, though the PBOC will probably maintain ample interbank liquidity to support the real economy. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 12, 2026 00:37 ET (04:37 GMT)

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