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The New Cold Currency War
Earlier this year, we saw a transition from an old-style currency war (openly fought with negative interest rates and quantitative easing) to the “Shanghai co-op” – an implicit agreement, or truce, among major central banks that excessive dollar strength was bad for the global economy. As a consequence, the Federal Reserve became more dovish, the European Central Bank (ECB) and the Bank of Japan (BOJ) de-emphasized negative interest rates, and the stabilization of the U.S. dollar helped emerging markets and commodity prices recover. Also, China’s depreciation of the yuan was orderly rather than disruptive. ... (full story)
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