Currency wars: Pressure point

Currency wars: Pressure point

Economy & Policy Corporate & Sovereign Strategy

By Taimur Ahmad and Katie Llanos-SmallWhen finance ministers of the Group of 20 nations gathered in Moscow in February, exchange rates topped their agenda. Officials sought to ease mounting fears that the world’s biggest economies are locked in a race to the bottom to devalue their currencies. “We will not target our exchange rates for competitive purposes,” the G20 ministers said in a communiqué after their summit. “We will resist all forms of protectionism and keep our markets open.” Within days of their statement, the G20’s wish for a shift in financial market perceptions appeared suddenly – and alarmingly – to have come true. For the first time in months, investors turned sharply fro

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