media - A stone in a pool - the Renminbi story

Thanks to the internet we can follow the waves of old Chinese rumors moving through the world. While the story has been - as expected - firmly denied by China's financial authorities earlier this week, other countries like Australia still look forward to an upcoming revaluation of the Renminbi. But it is not only in relative backwaters like Australia where this old rumor is rather persistent, also in the US, even in the New York Times they have a hard time to kill the story. The fals rumor of a 5 percent devaluation next month is even not enough, no, they want 20 percent. It is simply not going to happen.
Elections are nearing and a decent portion of China bashing will be on its way; the Renminbi-story just fits the political need to score in the media very well.