Last updated on October 18, 2023
Renowned investor Jim Rogers, co-founder of the Quantum Fund with George Soros, has once again issued a warning about the decline of the US dollar’s dominance. Rogers believes that the era of the US dollar as the world’s reserve currency is nearing its end, as no currency has remained on top forever. He identifies the Chinese yuan as the only currency with the potential to challenge the US dollar’s status.
In an interview with Nomad Capitalist, Rogers acknowledged that he holds a significant amount of US dollars but emphasized that he can see the end of the US dollar era. He believes that the Chinese yuan is the only currency that currently poses a threat to the US dollar, although he noted that it is a “blocked currency” and cannot be freely bought and sold like other major currencies. Rogers explained that until China fully opens up its currency, the renminbi will not be able to displace the US dollar as the world’s reserve currency. He acknowledged China’s gradual efforts to open up its currency but expressed the need for more progress.
Rogers also expressed concerns about the US being the largest debtor in history, highlighting the nation’s high level of debt. He has been consistently warning about the decline of US dollar hegemony, predicting the erosion of the dollar’s value and foreseeing the worst bear market and recession of his lifetime. While the US dollar’s dominance may be nearing its end, according to Rogers, the Chinese yuan currently stands as the only potential competitor.
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