Rogers Sees Yuan as Safe Haven Amid US Debt Crisis
Legendary investor Jim Rogers has long warned of an impending market crash in the US due to its soaring national debt, which has reached nearly $40 trillion. However, he now suggests that if the Chinese yuan were fully convertible, it could become a safe haven asset instead of the US dollar.
In an interview at an investor event in Hong Kong, Rogers said that he plans to sell some equities and buy up cash due to his concerns about a potential market crisis. He emphasized that the US dollar will eventually become overvalued, prompting investors to seek alternative safe-haven assets.
Rogers believes that the Chinese yuan would be fully convertible in the future, given China's massive economy and resulting money flow pressures. However, until then, he plans to continue purchasing US dollars, despite his warnings about the country's debt burden.