Credit fails to see positives of currency war

By Dan Alderson
13 Aug 2015

Back in 2010, Brazil’s finance minister Guido Mantega warned that the world was in the midst of a “currency war” in the wake of US quantitative easing. The term is now back in vogue after China made the shock decision to devalue its currency.

Gavan Nolan, Markit

China has a ‘dirty’ peg against the dollar, and the People’s Bank of China adjusted the managed float by 1.9%. This was the biggest one-day change since 1993, and the renminbi continue to depreciate the following day.

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