- In an interview, Soros praised China’s system of financial regulation
- But warned that Beijing faces near term “exceptional difficulties” in its economic transition
Soros has an interesting view of China banking:
“The Chinese regulators have a much closer and more intimate knowledge of what goes on inside the banks,” he said. “The lack of detailed knowledge in the West is quite amazing. And that was the reason why things went so wrong”
- Says its unlikely local governments will default on their debts
- He cautioned investors to stay away from Chinese real estate in the short term
Good weekend reading, and important background information for AUD traders.
George Soros tempers praise for Beijing with warning on risks