When last autumn the Brazilian finance minister Guido Mantega warned that the world was in the middle of an "international currency war", he little realised that he was opening the floodgates. Mantega was bemoaning the fact that too many countries appeared to be seeking competitive currency devaluations, or at least preventing their currencies from reflecting fair value, in order to boost their economic growth at the expense of others. "We're in the midst of an international currency war, a general weakening of currency," he warned.
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