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Soros Praises Hong Kong for Blocking Attack, China TV Reports

Updated Beijing Time

Source: Bloomberg

Billionaire investor George Soros praised the Hong Kong government for thwarting his attempts to undermine the city's currency during the 1998 Asian financial crisis, according to an interview with the state-owned China Central Television.

"They actually did a very good job in defending the Hong Kong dollar, so they deserve credit," Soros said during the interview broadcast June 14. "And my attack, if you call it that, was without success."

Soros also said in the interview he didn't feel any sense of guilt for his attack on the Hong Kong currency as he did it "according to the rules that prevail."

The International Monetary Fund's unit of account, Special Drawing Rights, is "very far" from becoming a world currency even if "that maybe a more suitable system for the world going forward," Soros told the station in the interview.

China's renminbi, or yuan, "could be an alternative" to the dollar as a world reserve currency and it "can be a very strong currency were it convertible," Soros said. "But the Chinese government isn't likely to make the renminbi convertible in the near term," he said.

[More Hong Kong & Macau News]

Editor: Jessie Hwang

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