Soros presses China for currency reform

Oct. 9, 2010 at 2:40 PM
| License Photo

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.

Related UPI Stories
Topics: George Soros
Latest Headlines
Trending Stories
Pepsi to release 'Back to the Future Part II' inspired Pepsi Perfect
Nobel Prize in medicine awarded to parasitic disease scientists
Womb transplants begin in U.K. after Sweden's success
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Scientists find roadmap that may lead to 'exercise pill'