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Legendary investor and billionaire philanthropist George Soros on Wednesday backed calls for limiting the size of banks that are seen as "too big to fail".
Speaking at the World Economic Forum in Davos, Switzerland, he also endorsed President Barack Obama's proposal to limit the size of banks, although he warned the plans were premature and not far-reaching enough.
"I am very supportive of it but I don't think it goes far enough, said Soros. "This development came too soon because the banks are not out of the woods yet."
He also called the banking community "tone deaf" for opposing the U.S. bank reforms.
Soros called the current economic crisis a "super bubble" that was the result of a number of smaller bubbles and misguided attempts to tackle them.
Turning attention to China's controversial exchange rate policy, Soros called on Beijing to let the yuan appreciate for the good of China and the world. "The case for revaluing the renminbi is getting stronger and stronger," he said.
The 79-year old also described gold as the "ultimate bubble".
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