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MARKET MOVER
Independent on Sunday, The, May 15, 2005 by Edited by Abigail Townsend
Currency markets fluctuated wildly last week after a mistranslated article claimed the Chinese government would finally revalue its currency, the yuan. The article appeared on the English- language website of China's official party newspaper, the People's Daily.
The 'news' was quickly picked up by news agencies and saw traders push the yen, Indian rupee and Singapore dollar higher against the US dollar " briefly reversing recent slides. A revaluation of the yuan would be significant as China has been under sustained pressure from the US to revalue its currency.
It would also have an effect on other Asian currencies, like the yen, as central banks in the region have been interfering in the currency markets to keep their currencies cheap. But the article was wrong. The translation, by a retired People's Daily editor, omitted references in the original version that referred to a variety of analyst views.
Eventually, the Bank of China had to step in and issue a denial, calming markets in the process.
Ben Schneiders
Copyright 2005 Independent Newspapers UK Limited
Provided by ProQuest Information and Learning Company. All rights Reserved.
