UPDATE 1-Taiwan cbank can't rule out snap rate meeting-source
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TAIPEI, Oct 8 (Reuters) - Taiwan's central bank does not rule out calling an emergency board meeting to discuss about monetary policy, a central bank source said, after major world central banks cut interest rates in unison on Wednesday.
"We are monitoring the market situation and we are not ruling out the possibility of an emergency meeting, if it's necessary," the source, who declined to be named, told Reuters by telephone.
Taiwan's central bank, which holds its monetary policy meeting every quarter, unexpectedly cut its benchmark discount rate by 12.5 basis points to 3.5 percent when it last met in late September.
The move was Taiwan's first rate cut in five years and ended a 4-year monetary tightening cycle, as the bank's concerns moved toward supporting economic growth in the wake of an escalating credit crisis that began on Wall Street.
China, the European Central Bank and central banks in Britain, Canada, Sweden and Switzerland joined with the U.S. Federal Reserve in cutting rates on Wednesday as they try to stave off the worst financial crisis since the Great Depression. (Reporting by Lee Chyen Yee; editing by Patrick Graham)
