Say the name Jim Rogers, and these thoughts might come to mind — billionaire, China, author, adventure capitalist, George Soros' one-time partner, investment guru, man in bow tie ... but how about father?
And father he is to two little girls, Happy age 6, and Baby Bee age 1. He's even written a book for them — A Gift to My Children: A Father's lessons for Life and Investing.
And what investment advice would he impart to his daughters? Rogers sat down and shared with CNBC.com some of his thoughts on this, beginning with, buy renminbi if you get the chance.
"I own the Chinese renminbi. It's not that easy to buy and sell the renminbi because it’s a blocked currency. But I own it and every chance I get to get some more renminbi, I do so." Rogers says.
"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
the only reason why RMB is not freely trade is because China want to avoid what happened in Japan back in 80. at that time, US force Japan to signed something call plaza according, which, US force yen to go up within some time. then a lot of US money went into Japan and therefore japanese stock market went up as well as housing.then when that hot money removed from the japanese economic system, stock market went down as well as housing. My guess is China know that its current state cannot handle that. and therefore China want to avoid that. That is why china still tell everyone that they are communism
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