Not long after billionaire George Soros forecast a so-called hard landing for the Chinese economy, Beijing fired back by calling out the high-profile investor, warning him of betting against its currency, according to media reports Tuesday. “Soros’ challenge against the renminbi and Hong Kong dollar is unlikely to succeed, there is no doubt about that,” said a government official in an opinion piece widely cited by several media outlets.
The article headlined, ”Declaring war on China’s currency? Ha ha,” was published by the People’s Daily, the official newspaper of the Chinese Communist Party which is widely viewed as Beijing’s propaganda tool. A translation of the Mandarin version of the editorial linked by ZeroHedge includes references to the U.S. suffering from a “Dutch disease” and “financial predators.” Reports of the People’s Daily’s article follow Soros’ recent prediction that a precipitous slowdown in the Chinese economy is inevitable. CONTINUE