Part-GTY-474095734-1-1-1

China state media accuse Soros of 'declaring war' on yuan

American financier George Soros has warned that China, the world's second-largest economy, is heading for troubleChinese state media stepped up a salvo of biting commentaries Wednesday against George Soros and other currency traders as the yuan comes under pressure, with the billionaire investor accused of “declaring war” on the unit. At the annual World Economic Forum in Davos last week Soros told Bloomberg TV that the world’s second-largest economy — where growth has already slowed to a 25-year low according to official figures — was heading for more troubles. Soros — whose enormous trades are still blamed in some countries for contributing to the Asian financial crisis of 1997 — pointed to deflation and excessive debt as reasons for China’s slowdown.

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