Sunday, November 20, 2011

Jim Rogers: China is where the money is - China Daily


SHENZHEN – Jim Rogers, co-founder of the Quantum Fund, said Thursday at the China Hi-tech Forum 2011 that he is still confident that China is where the money is.

He also told the forum that Chinese cities, including Shanghai, Shenzhen Dalian and Zhengzhou, will be financial hubs worldwide.

He explained that 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.

"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, he added.

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

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, Rogers told chinadaily.com.cn.

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, he said.

The forum is part of the 2011 Hi-Tech Fair 2011, which is held in Shenzhen on Nov 16-21 every year.

Jim Rogers

Warren Buffett

Nouriel Roubini