Markets tip-toe through China media minefield
From Reuters, via Deepika Global:
When China speaks, markets listen, and for decades Beijing has been known to communicate policy through its largely state-run media.
So after a poorly translated report on the Web site of the flagship People’s Daily appeared to announce an imminent yuan revaluation and sent the dollar and euro skittering against the yen, investors were left to wonder: What went wrong? After all, anything printed in this newspaper’s pages dating back to Mao Zedong has carried the weight of the Communist Party.
Analysts say an increasingly dog-eat-dog press, a phasing out of decades of government subsidies to the industry and a proliferation of new papers, magazines and Web sites with looser ties to the state has made it hard to tell which ones to believe.