January 26, 2016
George Soros, the man who broke the Bank of England and, according to some, helped precipitate the Asian financial crisis has been warned off going to “war on the renminbi” by Beijing.
The warning, on the front page of China’s Communist Party mouthpiece, comes as Beijing is struggling to stem capital flight and support its currency, in part through massive intervention that has scythed its foreign reserves by about $700bn over the past 18 months to $3.3tn.
“Soros’s war on the renminbi and the Hong Kong dollar cannot possibly succeed — about this there can be no doubt,” read a front-page opinion piece by a commerce ministry researcher in the overseas edition of the People’s Daily headlined “Declaring war on China’s currency? Ha ha”.
Last week the billionaire investor told Bloomberg TV he had bet against the S&P 500, Asian currencies and commodity-linked economies, while going long on US Treasuries.