Wednesday, November 6, 2013

There is No Reason to Restrict the Renminbi Globalization, says Jim Rogers

On 08 Sept 2013, at the 11th Captial Forum on the 17th China International Fair for Investment & Trade held in Xiamen, China, 
Mr. Rogers said that “there are many wisdom and ambitions people in China, I feel very optimistic about the future of China and its currency” “The only currency I can see that is on the rise and can replace the US dollar some day is the Renminbi."...

Mr. Rogers added that China should "globalize the Renminbi in the next 20 minutes rather than the next 20 years". He thought that China is currently the world’s second largest economic entity as well as the country with most amount of foreign exchange reserve, “there is no reason to restrict the Renminbi globalization. It is good for all Chinese people, as Renminbi globalization means all investors worldwide can invest in China, which will bring great market opportunities to China’s commodities. Stock price in China will rise, China will become the world’s center for commodity transaction, China’s financial market will be the best in the world. The US dollar is a troubled currency, Renminbi globalization can’t wait too long, now it is an opportunity for it. ”
Mr. Rogers said that “the significant decline of market value in mining industry is a very good opportunity for people who are familiar with this field. If the value drops to 10% of original value, I am going to take some actions.”

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