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Chinanews, Beijing, October 20 – Due to the continuous hike of the exchange rate of the yuan against the US dollar, Jim Rogers, a famous expert on investment, said that he would sell all his US dollar assets and buying RMB assets. “In the next 10 years, no one will lose anything by investing on RMB assets,” said Rogers.
According to the latest statistics by the China Foreign Exchange Trade Center, the middle rate of the yuan against the US dollar is 7.4938:1, a new high since the foreign exchange reform in 2005. By now, RMB has appreciated by 8.22%. Rogers expressed his confidence in the RMB as a strong currency at a forum1 hosted by the ABN AMRO Bank on October 24. “The value of RMB assets will be quadrupled in the next 10 years, as China is becoming the most important nation of the 21st century,” said Rogers. RMB assets don’t only refer to the currency itself, but also the commodities priced with RMB, like the A-stocks and properties sold in China. Red chips and H-stocks in the Hong Kong market can be called RMB assets, too.
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