01:12 GMT +3 hours28 August 2016
Live
Hungarian-born US magnate and philanthropist George Soros attends an economic forum in Colombo on January 7, 2016

Currency War in Asia: Soros’ Campaign Against Chinese Yuan Likely to Fail

© AFP 2016/ LAKRUWAN WANNIARACHCHI
Business
Get short URL
194926295

Billionaire investor George Soros will not win the ‘war’ he is waging against the Chinese currency, according to the People’s Daily, Beijing's state-run newspaper.

George Soros declared a war on the Chinese currency at the World Economic Forum at Davos, and his influence has already affected fluctuations at global financial markets and subjected the Asian currencies to even greater speculative pressure.

However, the challenge Soros has levied against the renminbi and Hong Kong dollar is "doomed to fail, without any doubt," the newspaper has declared.

In fact, Soros' attacks against the Asian currencies may in fact help China deepen fiscal and financial cooperation with other countries in the region.

"As current East Asian currency cooperation mainly focuses on currency swaps and repurchases, Soros' attack on Asia will be an opportunity for China and other East Asian economies to upgrade their monetary cooperation amid the turmoil in emerging markets," the newspaper points out.

Earlier George Soros told Bloomberg TV that he had bet against the S&P 500, Asian currencies and commodity-linked economies, and that he also predicts a hard landing for the Chinese economy, according to the Financial Times.

However, the billionaire pointed out that China’s economic slowdown poses far greater short-term risks to other countries’ economies than to China itself, due to the deflationary impact on global commodity prices.

"China can manage it. It has resources and greater latitude in policies, with $3 trillion in reserves," Soros remarked.

George Soros is a well-known American business magnate and philanthropist of Jewish-Hungarian descent. The financier commands a huge financial empire and wrote 12 books on subjects ranging from terrorism to global capitalism, and is one of the richest, most influential people in the world.

Related:
Hedge Fund Billionaire Soros: Russian Reserves Enough to Last for Two Years
Welcome to Europe! Soros Adding Fuel to the Fire of EU's Refugee Crisis
China's Impending Collapse? Don't Bet on It!
Tags:
challenge, war, currency, renminbi, George Soros, China
Community standardsDiscussion
Comment via FacebookComment via Sputnik
  • Сomment

All comments

  • Porkbelly Porkerpig
    Soros is the currency market master.
  • hans.schultz
    Soros is and always has been a british agent and as such he just acts on orders from others. Besides that he was a nazi collaborator against his fellow jews under the 2nd world war!
  • Mitach2002
    I hope it bankrupts him.
  • The world will have a great moment of schadenfreude when Soros passes out of this life and awakens to what he has earned in his earthly life.
  • Jacky Lope
    Why can't this old man just take his money and retire?!
  • michael
    so, the definition of war has changed - an individual can now (if he has the resources) play. This will be an interesting duel.
  • in reply toJacky Lope(Show commentHide comment)
    Jacky Lope, Because he has lost most of his humanity, fueled by power and greed they become monsters and a serious danger to mankind. Cold at heart, long before death, this creature from hell has plagued us a long time now.
  • Mother Gorilla
    "See what'll happen to you, China, if you go with Russia and the other rogues!"
  • This thing Soros, is just a abomination to man kind!!! The sooner this occult worshiper is buried the better!!! Cannot even call him a human being, because he is not one!!!
  • lianasammartinoin reply tohans.schultz(Show commentHide comment)
    hans.schultz, how do you know it?
  • copiusin reply toMother Gorilla(Show commentHide comment)
    Mother Gorilla,
    China is doing fine.
    EU will be dismantled.
    See what happens when you go with USA........disaster!
Show new comments (0)
Top stories