【英语中国】中国下令淡化流动性紧缩报道

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所属分类:双语中国

2013-12-24 09:12

小艾摘要: Chinese propaganda officials have ordered financial journalists and media outlets to tone down their coverage of a liquidity crunch in the interbank market, in a sign of how worried Beijing is that th ...
Chinese propaganda officials have ordered financial journalists and media outlets to tone down their coverage of a liquidity crunch in the interbank market, in a sign of how worried Beijing is that the turmoil will continue when markets reopen today. Short-term interest rates for loans in the interbank market shot up last week in an apparent repeat of the cash crunch in June that panicked investors and exposed weaknesses in China’s debt-laden financial markets.

Money market rates surged again on Friday even after China’s central bank announced on Thursday evening that it had carried out “short-term liquidity operations” to alleviate the problem.

That prompted the central bank to publish a longer and more specific statement on Friday, in which it said it had injected Rmb300bn ($49bn) in targeted cash infusions to individual banks in recent days.

The benchmark Shanghai Composite index fell 2 per cent on Friday, its ninth consecutive day of losses and its longest losing streak in 19 years.

In response, Chinese censors have warned financial reporters not to “hype” the story of problems in the interbank market and in some cases forbidden them from using the Chinese words for “cash crunch” in their stories, according to two people with direct knowledge of the matter who asked not to be named.

The Communist party’s powerful propaganda department and various other party and government departments frequently issue bans and detailed instructions to Chinese media on “sensitive” issues that could undermine party legitimacy.

But interference in financial coverage is less common, in part because Beijing wants to encourage the global perception that China has the same modern, transparent financial markets that exist in other parts of the world.

On state-owned news websites yesterday, coverage of China’s main financial news story was limited to a few short factual reports placed in less prominent places on their sites.

Even more independent outlets known for their hard-hitting commentary and investigative reporting into China’s financial markets barely mentioned the topic on their homepages.

Caixin, regarded by many as the premier Chinese financial news outlet, featured just a short blog post on the topic buried near the bottom of its homepage.

The top story on the topic from Caijing, Caixin’s main rival, consisted of nothing more than the brief statement released by the central bank on Friday.

But there appeared to be no blanket ban on the topic as journalists from at least two big media outlets that cover general and business news told the Financial Times they had not been contacted over the story.

On the popular news portal QQ.com, one of the leading stories yesterday was an analysis of last week’s interbank market fluctuations, and several other sites carried opinion pieces from experts on the topic.

So far, the orders issued by propaganda authorities do not appear to be as severe as those issued after the cash crunch in June, when reporters and media outlets were given a written directive ordering them to “explain that our markets are guaranteed to have sufficient liquidity”.

But the apparent replay last week will be highly embarrassing for the People’s Bank of China, the central bank.

中国宣传部门官员命令财经记者和媒体机构淡化其对银行间市场流动性紧缩的报道,这个迹象表明北京方面多么担心今日市场开盘后动荡将会继续。上周银行间市场短期拆借利率出现飙升,似乎在重演今年6月曾经爆发的“钱荒”,令投资者恐慌的那场动荡,暴露了中国负债累累的金融市场的弱点。

货币市场利率上周五再度飙升,即便中国央行在上周四晚上宣布,它已通过“短期流动性调节工具”(SLO)缓解这个问题。

这促使中国央行在上周五发表一份篇幅更长、内容更具体的声明,称其已在近日向个别商业银行注入累计3000亿元人民币(合490亿美元)的流动性。

中国基准股指——上证综指上周五下跌2%,这是其连续第9个交易日下跌,创下19年来持续最久的跌势。

两名掌握第一手资料、同时要求匿名的人士称,作为回应,中国宣传部门警告财经记者不要炒作有关银行间市场问题的报道,在某些情况下禁止他们在报道中使用“钱荒”二字。

掌握实权的中共中央宣传部和其它多个党政部门经常就“敏感”问题(此类问题可能影响党的合法性)向中国媒体发布禁令和具体指示。

但是,干预财经报道是此前比较少见的事,这在一定程度上是因为北京方面希望鼓励全球社会形成一种观感,即中国拥有与世界其它国家一样透明、现代化的金融市场。

昨日,在一些官方新闻网站上,中国财经新闻局限于寥寥几则简短的事实报道,而且放在网站上不那么显眼的位置。

即便是一些比较独立、平素以犀利的评论和针对中国金融市场的调查报道而出名的媒体机构,也几乎没有在首页提到这个话题。

被视为中国首屈一指的财经新闻媒体的财新网,只是在首页接近底部的位置发表了一篇与这个话题相关的简短博文。

在财新网的主要竞争对手财经网,有关这个话题的头条报道只是转载了中国央行上周五发布的简短声明。

但官方似乎并未完全禁止对这个话题的报道,报道综合及商业新闻的至少两家大型媒体机构的记者告诉英国《金融时报》,没有人为了这件事找他们。

在人气颇高的新闻门户网站腾讯网(QQ.com)上,昨日的头条之一就是对上周银行间市场波动的一篇分析文章,其它数个网站也发表了专家们就这个话题发表的评论文章。

迄今,宣传部门的命令似乎没有6月发生“钱荒”后发出的命令那么严厉,当时记者和媒体接到一份书面指示,要求他们解释中国市场的流动性是有保障的。

但上周的明显重演对于中国央行而言将是高度难堪的。

译者/何黎

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