- George Soros Warns China’s Currency Contagion “Reminds Me Of The Crisis In 2008”
by Tyler Durden, www.zerohedge.com
Surging volatility in global equity, currency, and credit markets and significant stress in a major world economy have George Soros on edge. Speaking at an economic forum in Sri Lanka, the billionaire hedge fund manager warned global markets are facing a crisis and investors need to be very cautious. On the heels of the second trading halt in four days, Soros exclaimed “I would say it amounts to a crisis… which reminds me of 2008.”
And as Bloomberg reports, Soros is worried…
Global markets are facing a crisis and investors need to be very cautious,billionaire George Soros told an economic forum in Sri Lanka on Thursday.
China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Soros said in Colombo. A return to positive interest rates is a challenge for the developing world, he said, adding that the current environment has similarities to 2008.
“China has a major adjustment problem,”Soros said. “I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.”