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Left to Jim Rogers, yuan convertibility would happen today, somebody would build a fortune cleaning China and North Korea would present a bigger opportunity than its most powerful neighbour.
Hotline had the opportunity to interview the American businessman and the ever-enthusiastic investor spoke on all things China.
If it were me, I would open up the currency this afternoon… China started yuan appreciation in 2005 but now they are doing it at a much slower pace. This is not 1914, this is 2014. China is the most successful country in the world. With 30-35 years, they have huge foreign currency reserves. I don’t know what they are worried about. They say they will allow full convertibility and yes, they do something every month and quarter but I will do it today.
But then there is bureaucracy… Anything that opens up China and the market is very good for the country and good for the world. But I wish that they do it faster and for all of China. People need to see how the Shanghai Free Trade Zone works. Commodities and metals, they are not open yet. China would like to open these markets to the world but then there is bureaucracy. The reason I don’t live in China… I came to Shanghai nine years ago with the idea that I will live somewhere in China, but it was too polluted. Now I am starting to think about moving to Shanghai again. It is less polluted than the other cities. A lot of money is being spent to clean up China and somebody is going to make a lot of money cleaning up China. North Korea… It is one of the best opportunities in the world right now because it is on the floor. China opened up 35 years ago while North Korea opened 35 days ago so obviously there are huge opportunities there.
Ah Gold… I own gold and I hope everybody buys gold and it goes much higher. It will, eventually. What China has been doing with gold is terrific. Ten years ago it was hard to buy gold in China and 30 years ago, you couldn’t buy gold in China. I don’t know whether China’s central bank should buy gold at this moment. I haven’t sold any gold. If it goes down a lot, I will be buying more.
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