On Tuesday, the People’s Daily, in an article headlined, “Declaring War on China’s Currency? Ha ha,” attacked billionaire investor George Soros for suggesting he might short the renminbi. The Chinese currency has dropped 5.7 percent since August when the central bank allowed it to depreciate. Last week, without mentioning the renminbi, Soros said he was betting against Asian currencies, telling Bloomberg Television that, in China, “A hard landing is practically unavoidable.” Is Soros right?

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