Some of the biggest fund managers expect yuan devaluation

New York

DAVID Tepper says a yuan devaluation may be coming in China. John Burbank warns that a hard landing there could spark a global recession.

Mr Tepper, the billionaire owner of Appaloosa Management, said last week at the Robin Hood Investor's Conference that the Chinese yuan is massively overvalued and needs to fall further. His comments follow similar forecasts from some of the biggest hedge fund managers, including Crispin Odey, founder of the US$12 billion Odey Asset Management, who predicts China will devalue the yuan by at least 30 per cent.