Fabled fund manager George Soros has said that global markets are facing many potential pitfalls, and that the current environment is eerily similar to that of the financial crisis in 2008.
Soros, the man who broke the Bank of England with his 1992 trade against the sterling during Black Wednesday, said China is struggling to move towards a more sustainable economic model.
Crisis planing
“China has a major adjustment problem,” Soros said, according to Bloomberg News.
“I would say it amounts to a crisis. When I look at financial markets there is a serious challenge which reminds me of the crisis we had in 2008.
Global markets
Soros’s warnings comes as global markets continue to worry over China’s slowing economy. The communist juggernaut’s stock markets were suspended after just 870 seconds of trading yesterday,for the second time this year, after the central bank accelerated the depreciation of the yuan.
