Kevin O'Leary, star of "Shark Tank," dismissed talk of de-dollarization and said he won't accept the yuan in business dealings.
He cited his lack of trust in the Chinese government and its accounting laws and intellectual property protections.
"When you quote a price in India, Shanghai, Zurich, Geneva, Paris, London, there's only one currency, the US dollar," O'Leary said in a YouTube interview
While the yuan has recently overtaken the dollar in Chinese cross-border transactions, O'Leary is skeptical of it and doubted that investors would put much faith in it.
However, he noted on Thursday that China still must adapt to US accounting laws and protections of intellectual property rights.
"They're a great nation. They're great people, they make great products, and they're very advanced in some sectors, but they are still not the American economy," O'Leary said.
Despite his feelings about the yuan, O'Leary said last fall that investors shouldn't avoid Chinese stocks, as the country is bound to become the largest economy.