China’s yuan strengthens to 7-month high as yen gains, carry trade unwinds
www.scmp.com
The sudden strength in funding currencies, particularly yen and yuan, dented carry trades, after weak US labour data last week stoked recession fears and fuelled bets on deeper rate cuts by the Federal Reserve.
  • NaibofTabrEnglish
    65·
    3 months ago

    On 5 April 2016, Alibaba Group acquired the media properties of the SCMP Group, including the SCMP. In January 2017, former Digg CEO Gary Liu became the SCMP’s chief executive officer.

    Since the change of ownership in 2016, concerns have been raised about the paper’s editorial independence and self-censorship. Critics including The New York Times, Der Spiegel, and The Atlantic have alleged that the paper is on a mission to promote China’s soft power abroad.

    This source is basically a propaganda outfit for the PRC. Of course, they used to be owned by Murdoch:

    The SCMP was owned by Rupert Murdoch’s News Corporation from 1986 until it was acquired by Malaysian real estate tycoon Robert Kuok in 1993.

    So they’ve basically gone from one set of propaganda objectives to another.

    This criticism seems most relevant:

    Since the Alibaba acquisition, the SCMP has discontinued several subsidiary publications, including its Chinese-language edition, the 48 HOURS weekend magazine, and the popular HK Magazine alternative weekly. The 48 HOURS staff continue to write on other SCMP platforms. Zach Hines, former editor-in-chief of HK Magazine from 2000 to 2015, said that closing the magazine is an effort to shift the focus away from Hong Kong to mainland China and target western readers. Hines wrote in the Hong Kong Free Press of its closure:

    […]

    To be a truly independent press, you cannot be beholden to anyone except your readers. But, to my great dismay, this is becoming an increasing impossibility in Hong Kong, in both the mainstream Chinese and much-smaller English media. SCMP is owned by Alibaba, perhaps the biggest pro-China organization in the world, if you don’t count the Communist Party. The paper’s business interests are also drifting away from Hong Kong, and toward readers in the United States and the rest of the west. HK Magazine is a canary in the coal mine.

    https://en.wikipedia.org/wiki/South_China_Morning_Post

    The current owners of South China Morning Post have a personal financial interest in projecting the message “China economy strong!” Skepticism is warranted.