George Soros is well known investor and philanthropist, probably best known for his trade against British Pound and in favor Deutsche Mark back in 1992, which led finally to the break of peg and Mr. Soros earned billions from it. Since then Mr. Soros has been well known, especially in the currency market, known as Man who broke Bank of England (BOE). He was also known to be key player in Asian currency crisis.

China's communist parties' own tabloid waged direct war against Mr. Soros, along with other state run news media.

The article criticizes Soros and says - "Soros's war on the Renminbi and the Hong Kong dollar cannot possibly succeed - about this there can be no doubt". The article was written by a commerce ministry researcher. Headline is even more interesting - "Declaring war on China's currency? Ha ha"

China's official news agency Xinhua, published an English Language editorial, criticizing those who want to bet against ultimate failure of China's currency and issued warning that reckless speculation and vicious shorting will face higher trading cost and severe legal consequences.

We remember, last March, when People's Bank of China (PBoC) governor Zhou Xiaochuan said he isn't worried over capital flow and Yuan is stable---it was probably some attempt to soothe market and hide the underlying nervousness.

Our take from Soros bashing is similar and we are in opposite boat over this and feel that Mr. Soros (if he is betting...we don't know for sure) has good chance to break PBoC.