ation of the Petroleum Exporting Countries PBOC: People’s Bank of China PCE: personal consumption expenditures PE: price

ectors Ambassador and Permanent Representative of the People's Republic of China Acting Chief Executive Officer Commissioner, Cli

. We think that policy measures to support the economy should have more visible effect on activity in the second half of the year. ¢ To this effect, the People's Bank of China (PBoC) has recently cut interest rates by 25bps — the first such move since late 2008. With investment demand still sluggish, we don't expect the mea

Central Bank of Russia Russian Finance Ministry People’s Bank of China = The cryptocurrency world operates across geogr

t, year on year 23% 10% 21% 8% 19% 17% - 6% CPI 15% 4% 13% Deposit rate 11% 2% 9% 0% 7% 5% + 2006 2007 2008 2009 2010 2011 -2% 2005 2005 2006 Source: People's Bank of China 2007 2008 2009 Source: People's Bank of China, National Bureau of Statistics. 2010 2011 Forward-looking manufacturing surveys have declined and inter