Amsterdam: Jim Rogers, chairman of Beeland Interests Inc., said he is shifting all his assets out of the dollar and buying Chinese yuan because the Federal Reserve has eroded the value of the US currency.

“I’m in the process of—I hope in the next few months—getting all of my assets out of US dollars," said Rogers, 65, who correctly predicted the commodities rally in 1999. “I’m that pessimistic about what’s happening in the US."

Rogers, delivering a presentation late on Tuesday at an investors’ meeting organized by ABN Amro Markets in Amsterdam, said he expects the Chinese currency to quadruple in the next decade and that he is holding on to commodities such as platinum, gold, silver and palladium.

Jim Rogers says he is pessimistic about what’s happening in the US

Since the Fed lowered US interest rates on 18 September, the first cut in four years, the dollar has fallen 2.8% against the euro and touched a record low on Tuesday. Gold rose to a 27-year high and platinum jumped to a record.

“It’s the official policy of the central bank and the US to debase the currency," said Rogers, a former partner of George Soros. “The US dollar is and has been the world’s reserve currency, the world’s medium of exchange," he said. “That’s in the process of changing. The pound sterling, which used to be the world’s reserve currency, lost 80% of its value, top to bottom, as it went through the whole period of losing its status as the world’s reserve currency."

The Chinese currency, known as the renminbi, or yuan, is “the best currency to buy right now", Rogers said. “I don’t see how one can really lose on the renminbi in the next decade or so. It’s gotta go. It’s gotta triple. It’s gotta quadruple."