Jim Rogers is a well known investor who in recent years, has made Asia his home. He likes Asia, particularly China. The Asian Financial forum was held in HK recently. I have already known his view on economy and China, but what suprises me is what he told the audience in the financial forum: "The single most important advice I can give you is teaching your child mandarin,"
Renminbi may possibly replace the U.S. dollar as the international reserve currency 15 years from now, prominent international investor Jim Rogers said Monday.Addressing the Asian Financial Forum, an event that brought together about a thousand participants from around the globe, Rogers said he found Asia to be the place where "the world is changing" as he toured world in 1999 to 2001.
Rogers said his elder daughter, who was five years old, is in school in Asia and speaks fluent mandarin thanks to a governess who can speak fluent Chinese. The other daughter, younger, was also learning mandarin.
The 68-year-old co-founder of the Quantum Fund said the only currency that could replace the U.S. dollar "this year" would be the euro, while the only conceivable currency that can replace the dollar as the reserve currency "15 years from now" is renminbi. "It’s big enough. It’s liquid enough," he said, adding that the question was only academic in the sense that the renminbi is still a blocked currency.
Rogers said he believed China will rise in spite of possible setbacks. The United States also experienced setbacks and had various problems back in the 19th century, which, nevertheless, did not stop it from becoming the greatest success of the 20th century, he said. The U.S. dollar, on the other hand, is falling, he said, citing the fact that China is now the largest creditor nation while the United States is largest debtor nation. The pound sterling has also gone through a similar process when it was gradually replaced by the United States dollar as the reserve currency.
"The single most important advice I can give you is teaching your child mandarin," he said, urging investors to sell U.S. dollars when it peaked in near term as there could possibly be an artificial rally followed by even bigger problems.
The Asian Financial Forum was hosted by the Hong Kong Special Administrative Region government and Hong Kong Trade Development Council. Prominent speakers discussed the challenges facing the Asian economies and the opportunities thereof.