20081008-BNP Paribas-Economics China

Global coordinated emergency rate cut
As a spiraling global crisis hits Europe and spreads to emerging markets,
PBOC implemented an emergency rate cut of 27bp for both the lending and
deposit rate, with a 50bp cut in the RRR, to calm the financial market,
banking system and public. However, the effect of rate cut on economic
growth and property market will be offset by the avalanche of economic
crisis.