First as China lifts bank reserves

Reuters ahead of Bloomberg and DJ in reporting a wholly unexpected increase by the Peoples Bank of China in banks required reserves on Feb. 12. The move, right before Chinas week-long holiday, sent immediate tremors through global markets. In a bout of risk aversion, the dollar rose, oil fell and equities buckled. The beat was particularly notable because a Reuters correspondent got a heads-up that the news would be distributed by text message — a first for the PBOC. This huge beat came a day after Reuters was nearly two minutes ahead of Bloomberg on Chinas main indicator for January, consumer price inflation. Global markets had nervously awaited the release, fearing they would show the economy was overheating. In the event, the figure came in below expectations, instantly driving up Asian stocks and knocking the Australian dollar lower.