Veteran investor Jim Rogers has criticised the Swiss central bank's move to cap the franc and suggested the Chinese renminbi could be the next safe haven currency.
On Tuesday, the Swiss National Bank set a minimum exchange rate of 1.20 Swiss francs to the euro and said it would buy "unlimited amounts" to defend the target. Speaking to CNBC, Rogers said the move "will work for a while" but predicted market forces will ultimately triumph. "The market will have more money in the end than the SNB. It risks losing a lot of money buying up lots of foreign currencies which they will eventually sell at a loss", he said. Rogers also warned the move could "totally debase the Swiss franc trying to keep Switzerland 'competitive' which will then destroy t...
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