Crispin Odey, founder of Odey Asset Management, a London-based firm with more than $12bn under management, says China could be forced to devalue its currency to provide a boost to its uncompetitive export market.
He says the policy was used to good effect from 1994 to 2008, and may be seized on as a solution to faltering growth and rising wage demands.
“It looks like China cannot find an easy equilibrium without becoming more competitive with the rest of the world, and that demands a 30 per cent devaluation,” says Mr Odey.
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