FXStreet (Bali) - When billionaire George Soros speaks, the world listens carefully, only that this time, what he had to say in front of an audience in Sri Lanka, was not that encouraging. Soros noted that global markets are in the midst of yet another crisis similar to the one experienced back in 2008, adding that Yuan devaluation is exacerbating this transition and sending markets into a tailspin with global ramifications. According to Soros, China is having a hard time designing a new growth model adequate to sustain its growth trend of over 7%. On top of that, persistent currency devaluation is transferring problems globally, Soros said in Colombo. The most concerning message from Soros was when referring to the current market volatility/global challenges as a reminiscence, in his own experience, of the GFC in 2008. “China has a major adjustment problem. I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008", Soros said, via Bloomberg. Soros comments come after Chinese markets went through a harsh meltdown this week, falling by more than 7% on Monday - newly-installed circuit breakers were triggered - only to see a replica of the same panic sell action earlier today, with the subtle difference that trading lasted less than 30 minutes. The chaos took hold of market players today in Asian hours, who remain bewildered to the actions being taken by the PBOC to consistently devalue the Chinese Yuan, in a clear attempt to stay more competitive and gain back strength via exports. For more information, read our latest forex news.