Jim Rogers : The Renmimbi to become fully convertible by 2013

Jim Rogers : ...blaming our problems on China is not the solution , yes look I think that China should let its currency go float free , if I was China I would let the currency float this afternoon, ...there are many people in China who think if they do that that some parts of the Chinese economy would suffer , now for whatever reason they are over looking the fact that many parts of the chinese economy would thrive , would benefit if they let the currency be convertible , for whatever reason the people who think they would suffer have more power than the people who realize that they will be better off , this is one of the mistakes that I believe the Chinese have made and are making I did not think they would hold it this long , I probably once said ' Oh by 2008 the Chinese currency would be convertible" shows how much I know , but I think they should let it go , and who knows when they will if they will ...it does not make the press very much certainly not the western press , you know it is convertible with the neighbors now , you can trade with the Vietnamese with the Russian or with the Malaysians , Hong Kong , you can use the Renminbi in shops in Hong Kong now , they have certainly opened up an enormous amount they have currency swaps with some of their neighboring countries it's happening , it is not happening as fast as I would do it , I do not vote in China I do not have a say so in China ....I was wrong about it in the first time it is becoming more and more convertible , fully convertible like the Euro and the Australian dollar and like that I would probably say by 2013 but I mean this is an absurd projection for me because it's opening slowly it's happening , I mean I own the Renmimbi it's full disclosure , I own the Renmimbi and every time I can I buy more Renmimbi , they're legal ways to buy Renmimbi I mean it 's not like buying the Euro but I buy it whenever I can because it is becoming more and more convertible " - in Thomson Reuters Interview



Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary 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%.