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Tuesday, 17 September 06:38 (GMT -05:00)



Business And Politics News

China Goes Against Soros For Promoting Panic Around Renminbi


The famous billionaire and investor George Soros has been actively spreading reliable information on the speculation that is going on in China’s financial markets at this point. Apparently, Mr. Soros is a respected person in the international investment and financial world and his words and actions are always taken seriously by the community, which is why the Chinese authorities got extremely irritated by this step made by the billionaire.
 

 

 

 

At this point, Chinese mass media are actively responding to George Soros with criticism. The thing is that Mr. Soros predicted the so-called hard landing for the Chinese economy in the near future, which is something China doesn’t want anybody to talk about whatsoever.
 
While the famous billionaire says this is going to happen in the near future, Chinese mass media respond that he is just trying to use such dirty tricks to undermine the Chinese Yuan in order to benefit from the situation later through some Forex trades. The journalists say that Mr. Soros have already tried to benefits from similar situation in the global economy or a certain country to gain stunning profits. He uses the power of his image and respect in the international community to drive the markets the way he wants since investors are often cautious about investing in the country Mr. Soros is criticizing, including the country’s economy, stock market and national currency. With that being said, we may well be seeing the same scenario in this case when China is getting its economy reoriented, which comes with an economic slowdown.  
 
Independent experts are currently trying to abstain from taking any of the 2 sides in the clash. The problem is that risk-averse investors are very sensitive about any information under such circumstances amid crisis phenomena in the global economy.
 
As for the 85-year-old investor, he says that the developed world starts another bearish cycle. The only difference from the latest 2008-2009 crisis is that this time it all starts from China instead of the USA. He insists that China’s economy is neck-deep in debt and deflation. History shows that under such circumstances, a hard landing is almost inevitable.
 

 

Meanwhile, the Chinese government and financial authorities are still trying to save the day for the national economy while doing their best to preserve the economic potential we have seen until recently.  Thanks to 3 trillion dollars of gold and currency reserves, China still has some room for manoeuvre. The problem is that China is trying to speed up the process and therefore spreading its problems to the entire world.  This is what Mr. Soros is basically trying to say to the entire world. 

 

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