Following Friday’s catastrophic new credit data, which saw the fewest new loans in half a decade, and after this morning’s report that Chinese authorities allowed a further cut in mortgage loan interest rates for first-time homebuyers in another push to prop up its property market and revive a flagging engine of the world’s second-largest economy, few expected any upside surprises from Monday’s economic data dump out of China, but even fewer expected anything quite as bad as what Beijing just reported. With Europe, UK and the US all on the verge of recession, China just boldly took the step to...