Soros is a man intimately familiar with currency crises
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.
Hong Kong’s de facto central bank bought $2.07 billion this week to stop the local currency from strengthening beyond its 31-year-old peg to the greenback.
Share listings, dividends and mergers and acquisitions are driving demand, the Hong Kong Monetary Authority said July 26. OAO MegaFon, Russia’s second-largest wireless operator, has shifted some of its cash holdings into the city’s dollar as the U.S. and Europe ratchet up sanctions, Chief Financial Officer Gevork Vermishyan said in an interview yesterday. Continue reading