Speaking of the well-known investor and seemingly everything else Jim Rogers, he’s in the financial news these days for reiterating his bullishness of the Chinese renminbi, or yuan, as it’s more commonly called around these parts. Sophie Song reported on the International Business Times website late last week:
Famed investor and co-founder of the Quantum Fund, Jim Rogers said in Shanghai that he expects renminbi, China’s currency, to appreciate 300, 400 or even 500 percent in the next 20 to 30 years, stunning and prompting a debate in the forex industry.
Rogers also indicated that the yuan may replace the dollar one day, Daily Economic News, a Chinese financial and economic news portal, reported.
“If anyone wants to sell renminbi, I’d be willing to buy,” Rogers said. Compared to the yuan’s value in 2005, Rogers expects it to appreciate by as much as 500 percent in the future.
(Editor’s note: Italics added for emphasis)
The Singapore-based investor has been bullish on the Chinese currency for a number of years now. Steven C. Johnson wrote on the Reuters website back on April 10, 2007:
China’s yuan has further to climb against the dollar and could rise by up to 500 percent over the next 20 years, U.S. fund manager Jim Rogers said Tuesday at the Reuters Hedge Funds and Private Equity Summit.
Rogers, who co-founded Quantum hedge fund with billionaire investor George Soros in the 1970s, urged investors to hold the yuan and said he is “extremely bearish” on the U.S. dollar.
“It’s going to go a lot higher,” he said, adding he holds yuan in two Chinese bank accounts.
I think it would be interesting to find out how Americans can own the Chinese renminbi. Keep an eye out for a follow-up post.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Song, Sophie. “China’s Currency Could Appreciate 500% In Next Three Decades, Investor Jim Rogers Says.” International Business Times. 6 June 2013. (http://www.ibtimes.com/chinas-currency-could-appreciate-500-next-three-decades-investor-jim-rogers-says-1294517#). 14 June 2013.
Johnson, Steven C. “Jim Rogers says China’s yuan headed higher.” Reuters. 10 Apr. 2007. (http://www.reuters.com/article/2007/04/11/us-funds-summit-yuan-idUSN1043707420070411). 13 June 2013.
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