Guan Xiangdong, a tourism reporter for the China News Service, was tasked with filling in for her finance reporters that were on vacation in May 2005. Attempting to provide various perspectives on how an appreciation of China’s currency, the Renminbi, would affect the local economy, she pulled bits of from various media outlets to form her own collage of facts and opinions.
With lightning-quick reactivity, investors began dumping US dollars and buying everything from Renminbi to rupees in an avalanche of misinformed fervor. Within minutes, $2 billion had exchanged hands.