Billionaire financier George Soros is warning of an impending financial markets crisis as investors around the world were roiled by turmoil in China trade for the second time this week.
Speaking an economic forum in Sri Lanka's capital Colombo, he told an audience that China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, according to media. He added that a return to rising interest rates was proving difficult for the developing world.
The current environment reminded him of the "crisis we had in 2008," The Sunday Times in Sri Lanka reported on Thursday morning. "China has a major adjustment problem," he added, according to Bloomberg. "I would say it amounts to a crisis."
China's CSI 300 tumbled more than 7 percent in early trade Thursday, again triggering the market's circuit breaker.
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[ Editor's Note: Soros has been positioned to benefit from a 'crash' -- see related article: George Soros bets $2B-plus on stock market collapse ]
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3 comments:
Soros is not the only one saying this. A LOT of economists are saying it, looking at factors beyond the markets.
Soros made a lot of money betting on the downsides of currency and markets, as did many others. In fact, most investors who have made it big I will bet did so betting on a fall more than a boom.
he said gleefully
He is the puppetmaster.
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