Bond guru Bill Gross says central banks across the globe are playing a “shell game” with financial markets. And once the game ends, he thinks markets are likely to tumble.

“This shell game has been taking place for a long time,” Gross told CNBC. “There’s no doubt that the ‘p,’ in this case the price of assets, I suppose, is sort of a question mark, and ultimately when central banks stop manipulating markets, where that ‘p’ goes, I think, is up for grabs and probably the arrow points downward.”But Gross is still finding opportunities in the investment world. “Instead of taking risk positions in terms of high-yield spreads or interest rates in long bonds or currency, investors can move in the opposite direction, like owning the yen instead of the dollar or the peso instead of the euro, he explained,” CNBC reports.

Gross thinks China’s recent turmoil is a sign of the global market shell game. He thinks it is “very dangerous” to short the Chinese market, but he thinks investors can benefit from the turmoil by moving in currency markets and against high-yield markets. “You take advantage of the increase in risk atmosphere that a declining Chinese stock market portrays,” he says. “So it’s not necessary to short the Chinese stock market.”