Billionaire investor and philanthropist George Soros said on Thursday that the world's current "currency arrangements" are fraught with danger and that the world needs global regulation.
Soros, who runs hedge fund firm Soros Fund Management and has made his reputation with bold currency bets, said the U.S. dollar ought to be falling in value against the Chinese currency to allow the United States to contain its current account deficit.
However, Soros said because the renminbi is tied to the greenback, the Chinese currency is constantly undervalued leaving the dollar to sink against the world's other major currencies.
The dollar has lost about 7 percent this year against a basket of the world's major currencies.
http://www.cnbc.com/id/33337081
