media - As expected: no revaluation

The People's Daily screwed up, as we learned later last night, when it mistranslated an article that suggested a revaluation of the renminbi next week, it admitted in a fax to Bloomberg. But it was enough to get the financial market into high gear, noted Bloomberg. Financial and media websites all over the world carried the initial story.
It is very similar to an incident in the second half of the 1990s when the China Daily had an article on the same issue, where one out of three economists defended a revaluation. Since the China Daily was then still perceived as having an official status, alarms went off in the financial world.
The media are mostly trying to move away from this 'official' status, although in real life it is the connection with the government, more than anything else, that defines the influence of media in China. Especially the People's Daily of course, as the national paper of the Communist Party still has this position.