George Soros warned by Beijing that ‘war on the renminbi’ will fail

Billionaire investor says China is ‘root cause’ of this year’s global bear market

Gabriel Wildau Shanghai
George Soros speaks in an interview at the World Economic Forum in Davos, Switzerland last week. Photograph: Matthew Lloyd/Bloomberg

George Soros speaks in an interview at the World Economic Forum in Davos, Switzerland last week. Photograph: Matthew Lloyd/Bloomberg

George Soros, the man who famously broke the pound, has been warned off going to “war on the renminbi” by ­Beijing, as China’s authorities again ­confronted tumbling stocks and accelerating capital flight.

The warning, on the front page of China’s Communist party mouthpiece, comes as Beijing struggles to stem capital outflows and support its currency. China’s policy response – through intervention to prop up the renminbi – has already scythed its foreign reserves by about $700 billion over the past 18 months to $3.3 trillion.

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