Market turmoil sign of influence shifting to China

The current turmoil on world markets indicates a "significant shift of power and influence" from the US to emerging economic giants such as China and India, international financier George Soros said Wednesday....

"I'm not looking for a worldwide recession. I'm looking for a significant shift of power and influence away from the US in particular and a shift in favour of the developing world, particularly China,"

Soros said. Soros, who made 1 billion US dollars betting on the devaluation of the British pound in 1992.

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