At the same time, high yield and emerging market bond yields widened significantly. Another important consequence was the impact of the Chinese equity crisis on commodity prices, particularly on oil (e.g. WTI Crude Futures lost as much as 36% over the last two months), which immediately triggered expectations of global disinflation with potential implications for future central bank actions.
Given the uncertainties, however, the Bank will continue to monitor developments closely with a view to maintaining the low inflation that helps our economy to achieve its full potential. BIS Review 26/2001  3