“No economy can become world class with a blocked currency,” Jim Rogers, co-founder of the Quantum Fund and chairman of Rogers Holdings and The author of “Hot Commodities” and “A Bull in China” , told The International Business Times. “Throughout history people with blocked currencies have eventually declined. China knows that; I'm not the only person who's read some history.”
“I expect the renminbi to double, triple, quadruple over the next few decades,” Rogers said on CNBC. “Just as the Japanese yen…went up 400% over the past few decades against the dollar, the renminbi will too.”
Rogers explains that it won't be a painless transition for China on the short term but it will help it to fight inflation. "I would point out though that the Japanese yen has gone up 400 percent over the past few decades and Japan still has a balance of trade surplus."
in a similar interview with Bloomberg News Jim Rogers explained that the Yuan will help the world’s fastest growing economy, and soon to become the world’s second largest economy, to fight inflation.
“I would also point out that if the currency goes up in China, many people would benefit. They import all their cotton. They import oil. Everything they import would go down in price, so a lot of people would be better off!”
China is currently the world’s largest holder of United States Treasuries the world’s fastest growing economy, and just became the world’s second largest economy after surpassing Japan few days ago
