09oct10

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China currency must rise to fix imbalances: Soros

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Billionaire investor George Soros considers the global currency system "lop-sided" and "controlled" by China, and urged the Asian giant to allow its currency to appreciate.

Soros' comments to BBC radio on Friday, broadcast on Saturday, come as global finance chiefs at a meeting in Washington seek to prevent tensions over currency valuations from derailing a fragile economic recovery.

"One of the basic imbalances that was at the root of the financial crisis and which needs to be corrected is the chronic (trade) surplus in China and big deficit in the United States," Soros said, referring to the 2008 financial crash.

China has kept its yuan currency

[Source: Reuters, London, 09oct10]

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