Jim Rogers: China will allow Yuan to appreciate in value

Beijing - Legendary investor Jim Rogers recently stated that China will eventually allow the Yuan Renminbi to appreciate in value but warned that their economy will not save the rest of the world.

Jim Rogers, co-founder of the Quantum Fund and chairman of Rogers Holdings in Singapore, said on Wednesday that the Chinese government will eventually allow the Yuan currency to appreciate in value, according to Bloomberg News. The author of “Hot Commodities” and “A Bull in China” explained that the Yuan will help the world’s fastest growing economy, and soon to become the world’s second largest economy, to fight inflation. Rogers, who appears frequently on financial news channels such as CNBC, Bloomberg and international business stations, further added that the economies of China and India will continue to grow but their economies alone cannot save the global economic landscape, reports Business Week. If the rest of the world continues to post low to moderate growth, then those two Asian nations will not revive the globe’s financial structure. China is currently the world’s largest holder of United States Treasuries and has come under staunch criticism from U.S. leaders because of their policies toward their currency. President Barack Obama, Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton believe China is purposely holding down the Yuan from appreciating. It is expected that Geithner will formally state this month that China is indeed a currency manipulator.