The Chinese yuan is "one of the safest currencies in the world," global investment expert Jim Rogers said Wednesday.

Speaking on an occasion at the well-known Union League Club of Chicago, the chairman of Rogers Holdings recommended that global investors hold the Chinese yuan, or renminbi.

Citing China's extraordinary economic growth in the past 30 years, he said that China is "changing the world already" and "will continue to change the world."

Turning to the U.S. dollar, he said that the American currency has now been reduced to "a terribly flawed alternative," with the United States being "the largest debt nation in history."

The legendary investor also lashed out at the United States' second round of quantitative easing, saying that it was "totally wrong" for the Federal Reserve to print a large amount of money.