The global economy has been leaning on monetary policy—the printing of money by central banks —to avoid decline. But what are the spillover effects?
‘Is this a currency war or what? Fast-growing nations like Thailand are trying to devalue their exchange rates to bolster their export-driven economies. In Washington, where “strong dollar” has been the mantra for years, policy makers are taking steps that could make the already weak dollar weaker still. These uncoordinated moves among global central banks to weaken their respective currencies is precipitating a global currency war.
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