The Federal Reserve begins its meeting the same day as the most-watched inflation metric is released and ends right before a pivotal U.S. retail sales report. Here are three things to watch out for this week. Photo: Nam Y. Huh SINGAPORE—China’s central bank unexpectedly trimmed a key lending rate, a sign of policy makers’ growing unease over a sputtering recovery that likely foreshadows further steps to nudge China’s economy back on track.

SINGAPORE—China’s emergency support for borrowers from its Belt and Road infrastructure program has ballooned as foreign governments struggle under heavy debts, highlighting the extent of Beijing’s bad loan problem as it works to overhaul its overseas lending strategy. The scale of China’s often-opaque assistance to borrowers in distress means Beijing has effectively established a new system for international rescue lending that exists alongside the International Monetary Fund and other...