Buy Yuan and Beware of Boys, Rogers Tells His Daughters

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http://www.cnbc.com/id/30836189

The renminbi is eventually going to be the next reserve currency of the world. Twenty years from now, perhaps fifteen years from now, the Chinese are opening up there currency more and more every month, every year. And that¡¯s going to continue ... who knows how high it will go," Rogers adds.

 

With China, currently the largest creditor nation in the world, and with a balance of trade surplus to boot, Rogers would rather own the renminbi (also called the yuan) than many other currencies.

 

But he adds that he doesn't understand why China has a blocked currency. Currently, there are restrictions on money leaving or entering the country and as such, the renminbi is not fully convertible.

 

"China has not made many serious mistakes in the past two to three decades but this is one of them. I don't know why they still have a blocked currency. This is not 1979, it¡¯s not even 1999. It's 2009 and China doesn't need to do that any more," Rogers says.

 

More of Jim Rogers' Outlook on CNBC.com