China’s Renminbi Devaluation May Initiate New Phase in Global Currency War
“We’ve been in a currency war for six years,” said Stephen S. Roach, a senior fellow at the Jackson Institute for Global Affairs at Yale University. “China is now moving on its currency, and other countries are using their currencies as a tool to relieve distress, and that is potentially destabilizing.”
.. “We are in a period of trade war — make no mistake,” said Michael Pettis, a professor of finance at the Guanghua School of Management at Peking University. “People say it’s a zero sum game. It’s not — it’s a negative sum game.”