PBOC Reports Rumours of April Fool’s Day Reserve Cut to Public Security Authorities

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The People’s Bank of China (PBOC) has denied reports claiming that it reduced the reserve ratio on the first of April.

On 2 April PBOC’s official Weibo account republished a commentary from its official media outlet Financial News, entitled “A Reminder to Rumour-mongers on Financial Markets”(给金融市场上的造谣者提个醒).

According to the article on 29 March rumours that reserve ratio cut was scheduled for 1 April began to spread online via Chinese social media platform WeChat, from a source falsely claiming to be a journalist with the official Xinhua News Agency.

PBOC subsequently took haste to deny the rumours and prevent them spreading, as well as sent a formal letter to China’s public security authorities requesting that they launch an investigation into fabrication and dissemination of false reports.

“Irrespective of the outcome of the investigation, the severe ramifications and legal ramifications caused by similar conduct and events are a warning for the parties involved as well as the media,” said the opinion piece in PBOC’s Financial News. “The media has a predilection for pursuing what’s hot and pursuing volume, and also often has a penchant for amusing itself.

“Some people speculate that this ‘Xinhua authoritative news’ from 29 March was produced by people with the goal of creating a situation where the mood and prices on the market increase, and using the opportunity to sell.

“Others believe that this was nothing more than a joke prior to April Fool’s Day on the first of April.”

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