Have you sold your U.S. dollar positions?

Rogers: No, I own more dollars than I've owned in a long time. I've been pessimistic on the dollar for a few years. But I did step in last fall and started buying dollars again.

I remember when I spoke to you at the end of last year, you said if you do see a dollar rally, you'll sell.

Rogers: Well, there has been a dollar rally. But I am not selling. Not yet.

What other contrarian investments do you like right now like the euro?

Rogers: I 'm short a large western financial institution that everybody thinks is terrific. I shorted some emerging markets because they went up so much. They were the strongest. Shorted some tech ETFs because they were so strong.

So which country are you still most invested in? China?

Rogers : I own Chinese shares. But I own a lot of commodities. I don't know how you define commodities. They're not any country. They're the whole world. So I own currencies, I own the Chinese currency, and I own the yen.

Cramer: How To Buy China

I own the renminbi and I expect it to go higher over the years. I don't have any plans or intentions to sell my renminbi. I mean, it's not even convertible yet. That's got a long way to go. That's something I don't see any reason to see for years to come.

So does that mean you're more bullish on China than you are on say, Western countries then?

Rogers: Well it depends on when you say more bullish, you mean stocks, currencies, economy?

Economy, government, health of the nation.

Rogers: Well, the U.S. is the largest debtor nation, not just in the world, but in the history of the world. China's the largest creditor nation in the world. Normally one prefers to be with the large creditors than with the large debtors. So of course, I see a better future, economic future for China than for the U.S. the way things are right now.

Aside from the precious metals that we talked about, what other commodities do you like?

Rogers: Agriculture still. Agriculture's still very depressed. Frequently, one will make a lot of money if you buy the things that are depressed and where things might be getting better.

What about oil and natural gas?

Rogers: Well, of the two, I'd rather buy natural gas with the same theory. It's depressed. Oil's down. It's not nearly as depressed as natural gas. But I'd rather buy natural gas than oil. But again, I hasten to tell you, I own them both. And I'm not selling either.

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