Billionaire investor George Soros said in an interview with Bloomberg TV on Thursday that there will be a hard-landing in China, which will contribute to the global deflation.
"A hard landing is practically unavoidable. I'm not expecting it, I'm observing it. China can manage it. It has resources and greater latitude in policies, with $3 trillion in reserves," he said.
Soros noted that the slowdown in the Chinese economy and falling commodity prices are the reasons for the global deflation.