Currency War of 2009–2011
Worldwide episode of competitive devaluation / From Wikipedia, the free encyclopedia
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The Currency War of 2009–2011 was an episode of competitive devaluation which became prominent in the financial press in September 2010. It involved states competing with each other in order to achieve a relatively low valuation for their own currency, so as to assist their domestic industry. With the financial crises of 2008 the export sectors of many emerging economies experienced declining orders and from 2009, several states began or increased their levels of currency intervention. According to many analysts the currency war had largely fizzled out by mid-2011 although the war rhetoric persisted into the following year. In 2013, there were concerns of an outbreak of another currency war, this time between Japan and the Euro-zone.
Both private sector analysts and politicians suggested the phrase currency war overstated the extent of hostility between the states which were engaged in competitive devaluation, but the term was widely used since Brazil's finance ministers Guido Mantega September 2010 announced that a "currency war" had broken out.[citation needed]