China’s central bank says it will not flood the economy with massive amounts of liquidity, as the world’s second-largest economy treads carefully to keep inflation in check while trying to boost growth.

“In the next stage, [the PBoC] will maintain stable monetary policy, and continue to avoid ‘pumping a large amount of liquidity’ or printing excessive money,” the central bank says in its second-quarter monetary policy report on August 10. It adds that it will keep the balance between