George Soros, the esteemed investor who reportedly made $1 billion in 1992 on a successful bet that the UK Pound would fall, spoke today at a conference in Oslo stating China has missed its opportunity to stem inflation.
As a result of the missed opportunity, China now risks a hard landing.
According to Soros, the world's second largest economy is in a bit of a bubble and displaying signs of losing control.
China's consumer prices rose last night to 5.5% in May. They have raised interest rates four times since September to combat the rise in inflation.
China raised their reserve requirement ratio last night for the third time this year and the ninth time since the beginning of 2010.
Overnight, all global equities bounced higher as Chinese data came in line with expectations. Riskier currencies also received a boost against the US dollar.
Efforts to restore growth in the US and Europe have failed and the global economy is not out of the woods at all, Soros said.
In terms of the Euro, it continues to have inherent problems and the region is exhibiting a two-speed recovery, led by Germany, while Greece, Ireland and Portugal struggle to stay above water.
Soros said economic turmoil in the developed world is prompting him to turn to Africa, a region he called a very attractive area to invest in, adding he is very much engaged there.