"In September 2010, Brazilian Finance Minister Guido Mantega shocked the world
by launching the opening salvo in what he called a “currency war.” Mantega
claimed that emerging markets were being squeezed by a combination of a
depreciating U.S. dollar and an undervalued Chinese renminbi (RMB).
Only weeks later, French President Nicolas Sarkozy placed reform of the international monetary system atop the G20 agenda under France’s chairmanship, prompting the International Monetary Fund (IMF) and other organizations to launch a host of events and studies on the issue. Meanwhile, Congress renewed its bid for legislation to brand China as a currency manipulator, while China, Brazil, and other countries condemned the United States for its quantitative easing policies, claiming that their real purpose was to devalue the dollar.
Over the ten months that followed the ostensible eruption of the “currency wars,” Carnegie economists wrote a series of short articles, collected in this report, to address three questions: What is the nature of the problem that Mantega first brought to the world’s attention? What caused it? And, finally, what can be done about it?..."
at http://seekingalpha.com/article/294164-currency-wars?source=feed
Only weeks later, French President Nicolas Sarkozy placed reform of the international monetary system atop the G20 agenda under France’s chairmanship, prompting the International Monetary Fund (IMF) and other organizations to launch a host of events and studies on the issue. Meanwhile, Congress renewed its bid for legislation to brand China as a currency manipulator, while China, Brazil, and other countries condemned the United States for its quantitative easing policies, claiming that their real purpose was to devalue the dollar.
Over the ten months that followed the ostensible eruption of the “currency wars,” Carnegie economists wrote a series of short articles, collected in this report, to address three questions: What is the nature of the problem that Mantega first brought to the world’s attention? What caused it? And, finally, what can be done about it?..."
at http://seekingalpha.com/article/294164-currency-wars?source=feed
