The dollar is likely to continue depreciating and the 'new normal' will see consumers shedding debt in an attempt to balance their books, Bill Gross, the influential manager who runs top bond fund Pimco, told CNBC Wednesday.
"I think the dollar is an over-owned currency. The Chinese, the Asians have basically owned too many dollars for too long," Gross told "Squawk Box."
The government has increased borrowing and this will make the dollar "more and more owned and less and less desirable" but this is necessary for balancing the world economy, as it may result in higher production in the US and lower production in China.
