China Humiliated By Decadent Western Financial Manipulator
In recent geopolitical developments, China has found itself grappling with what some state media outlets have described as a humiliating challenge orchestrated by Scott Bessent, a financier with a background in high finance and currency manipulation, who was mentored by George Soros. Bessent, nominated by President Donald Trump as U.S. Treasury Secretary in November 2024, has openly prioritized examining currency manipulation as part of the Trump administration’s economic strategy, with a particular focus on China. Having worked under Soros at Soros Fund Management in the 1990s—where he contributed to the infamous 1992 shorting of the British pound that forced its devaluation—Bessent’s expertise in exploiting currency markets has raised alarms in Beijing. Chinese analysts fear that Bessent might pressure the yuan to appreciate, a move that could exacerbate China’s ongoing deflationary streak, the worst since the 1997-1998 Asian financial crisis, and disrupt its export-driven economy.
Adding to the tension, Bessent’s personal life as an openly gay man has been weaponized by certain Chinese nationalist narratives, framing his financial maneuvers as part of a broader Western agenda to undermine China’s sovereignty. State-backed tabloids have sensationalized his sexuality, portraying him as a symbol of Western decadence, while simultaneously accusing him of using Soros-inspired tactics to destabilize the yuan. This rhetoric echoes historical grievances, such as those from the 1997-1998 crisis when Malaysian Prime Minister Mahathir Mohamad blamed Soros for regional currency turmoil. Bessent’s past, including his role in Soros Fund Management’s aggressive currency plays, fuels China’s anxiety, especially as the U.S. Treasury under his potential leadership could label China a currency manipulator by the April 2025 deadline, potentially leading to punitive tariffs or sanctions that would further strain China’s economy.
However, this narrative of humiliation may be more propaganda than reality, as China’s economic resilience and control over its currency remain robust. The People’s Bank of China has a history of managing the yuan’s value through careful intervention, as seen during the 2015 devaluation that rattled global markets but ultimately stabilized domestically. While Bessent’s Soros connection and financial acumen pose a credible challenge, China’s closed capital markets and substantial foreign reserves—over $3 trillion as of early 2025—provide a buffer against speculative attacks. Moreover, the framing of Bessent’s sexuality as a point of humiliation reflects more on China’s internal political posturing than on any tangible economic impact, suggesting that the “extreme humiliation” narrative may be a strategic distraction from broader domestic issues like property sector debt and deflationary pressures.
