Published On: Tue, Jan 26th, 2016

China’s State Media Warns Soros on Betting Against Yuan, HK Dollar

In his comments to Bloomberg, Soros said he had been betting against the S&P 500, commodity-producing countries and Asian currencies, while buying U.S. government bonds. He did not specifically mention the yuan and Hong Kong dollar.

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China’s state media has warned billionaire investor George Soros against betting on falls in the value of the Chinese yuan  and Hong Kong dollar, amid widespread worries over the health of world’s second-largest economy.

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China’s fourth-quarter economic growth slowed to the weakest since the global financial crisis, increasing pressure on a government struggling to regain investors’ confidence after perceived policy missteps jolted global markets.

“Soros’ challenge against the renminbi (yuan) and Hong Kong dollar is unlikely to succeed, there is no doubt about that, ” the People’s Daily overseas edition said in a front-page opinion piece on Tuesday.

 

Read the full story at Reuters, by Kevin Yao

 

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