A flurry of chest-beating articles have appeared in state media in recent days, talking up the virtues of Chinese markets while warning investors about the dangers of speculation. The cause: a series of bearish comments on China made by the legendary investor at the World Economic Forum in Davos.
In a commentary published Wednesday, Xinhua said that China had "ample reasons to stay confident in the face of speculators", citing firm 6.9 percent GDP growth in 2015, robust spending and overseas investment.
And on Tuesday, the overseas edition of the People's Daily, a mouthpiece for the China Communist Party, singled out the 85-year-old billionaire for "declaring war" on the RMB.
Titled "Declaring war on the Chinese currency? Haha," the front-page editorial was written by Mei Xinyu, a researcher at the Ministry of Commerce. The editorial called Soros a "financial crocodile" (a long-time sobriquet for Soros in China) that had "publicly declared war on China."