02:32 GMT +329 October 2016
    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

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    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.


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