Soros presses China for currency reform

Oct. 9, 2010 at 2:40 PM
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LONDON, Oct. 9 (UPI) -- Currency mogul George Soros Saturday warned that China's monetary policy was putting the world at risk of a disastrous economic collapse.

Speaking to the BBC, Soros said Beijing had created a "lopsided" currency system that has given China a "chronic trade surplus."

Soros said China has given itself a huge advantage over its international competitors because it directly controls the value of the yuan and can maintain a price advantage for its exports.

The Daily Telegraph said Soros also recently wrote a piece in the Financial Times warning the global currency system could break down entirely without some policy changes by the Chinese government.

China has defended its yuan policy, saying it has undertaken gradual reforms of the exchange rate, the newspaper said.

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