Thursday, November 17, 2011

Jim Rogers: China is where the money is

"It's now raining and the United States has saved nothing," he said. The renminbi, China's currency, will be the only possible currency to replace the US dollar but it needs to be convertible

China is where the money is.

Chinese cities, including Shanghai, Shenzhen Dalian and Zhengzhou, will be financial hubs worldwide.

although China may have its problems, it is the largest creditor worldwide and has saved enough for a rainy day with its huge foreign currency reserve.

Shanghai was once the financial hub between New York and London, something that happens again,

As American laws and regulations are pushing commodities trading outside the United States, the sector could potentially turn to Dalian and Zhengzhou if China decides to open the markets,

Many Chinese have yet to realize that China will be the center of the world and that the 21st century is the century of China , Jim Rogers, said Thursday at the China Hi-tech Forum 2011 The forum is part of the 2011 Hi-Tech Fair 2011, which is held in Shenzhen on Nov 16-21 - in chinadaily.com.cn

Who is Jim Rogers ?

James "Jim" Rogers was born in Oct. 19, 1942 and grew up in Demopolis, Alabama .Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendry investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%. They ran what is considered to be one of the first truly global macro hedge funds. . In 1964 he got his first job on Wall Street at Dominick & Dominick in the summer between high school and Yale University, that's how he got his first experience with stocks and bonds. He immediately fell in love with the job. After Oxford, he returned to the U.S. and joined the army in 1970 he returned to Wall Street, working again with Dominick & Dominick. That same year he joined Arnold S. Bleichroeder, where he met George Soros, and together founded the Quantum Fund. This has opened a new era of global macrotrading and inspired numerous imitations and spin-offs. In the book "Money Masters of Our Time," Jim Rogers writes about that time "the most important thing in my life was work. I did not do anything until I had completed my work." To emphasize this professional ethic , it is good to remember that he did not made any holiday for ten years. In 1980, Jim Rogers has decided to "retire" at 37 years. Since then he has spent much of his time traveling and supporting the causes of philanthropic and taking on many high profile roles in the media. However, he continues to be an active investor and media commentator

Jim Rogers "the 19th century was the century of the UK , the 20th century was the century of the US , the 21 st century is going to be the century of China "