China WARNS Soros!

China WARNS Soros!–3Lh.,b49

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.

Beijing makes it clear that it sees George Soros as a threat and warns him from shorting the yuan in an op-ed published by the Chinese Communist Party’s mouthpiece. 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,”

Soros’ ties to seismic currency bets date back to 1992 when he accurately wagered that the pound would fall in value, forcing the British government to withdraw the currency from the European exchange rate mechanism. He also successfully bet against the Thailand baht ahead of the Asian financial crisis in 1997.

Worries about China have persisted into 2016, playing a key role in wiping out some $3 trillion in market cap in the first week of the year.

It isn’t just Soros expecting a rough patch for China. Most economists forecast China’s gross domestic product to grow in the 6%-range due to the country’s slowing manufacturing activity

source- allen west, sue change, market watch, zerohedge, peoples daily

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