China may be under pressure to allow its currency to appreciate and should reduce its dependence on the US market, Chinese analysts said, after a former protege of billionaire George Soros was tapped to become Washington’s top economic official.

In this role, Bessent would be in charge of US economic policy, financial markets and sanctions policy. He would also play a key role in implementing what is expected to be a tough economic agenda against China.

Bessent, a key economic adviser and fundraiser during Trump’s presidential campaign, is a supporter of the returning leader’s tariff policies. He has also advocated tax cuts, market deregulation and increased energy production.

Bessent was recruited by Soros Fund Management in 1991 and was among those who pushed for a short position in the British pound in 1992, reportedly pocketing Soros as much as $1 billion.

As Chief Investment Officer of the fund between 2011 and 2015, Bessent gained even more fame by successfully shorting the Japanese yen in 2013.