It has been claimed by many in the graph transformation community that model transformation, as understood in the context of Model Driven Architecture, can be seen as an application of graph transformation. In this paper we substantiate this claim by giving a graph transformation-based semantics to one of the original QVT language proposals; that is, we define a mechanism that will translate any model transformation definition in the QVT language to a graph production system whose effect is to apply that model transformation. The translation has been fully implemented.