International controls over capital movements and new global playing rules are needed to reinvent the global financial system, billionaire investor and philanthropist George Soros said on Friday.

That is what a new Bretton Woods conference could accomplish, Soros told a lecture. It would decide how to treat financial institutions that are too big to fail and it would consider new rules to control capital movements.

Soros added that he expected China to maintain capital controls but said China will establish bilateral clearing accounts with some countries, like Brazil, denominated in yuans.

Such accounts could diminish the dollar's status as the international currency, he added.

(Reporting by Krisztina Than and Balazs Koranyi; Editing by Chris Pizzey)