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IMF concerned about currency wars

As governments around the world looked to control the strength of their currencies and limit any upside, in order to assist economic growth, the IMF is concerned that we could be on the verge of a currency war. The US dollar is under serious pressure at the moment and the Chinese authorities are also uncomfortable with the strength of their currency. So are we on the verge of a currency war?

There is no doubt that a weak currency in the short-term does assist with exports making goods and services cheaper to those overseas. However, if we get into a situation where each currency continues to fall then ultimately this will impact upon the worldwide economy, trading patterns and could disrupt worldwide business for some time to come. As a consequence it seems as though currency fluctuations could be on the agenda the at the next IMF meeting which promises to be a rather lively affair.

Over the last few weeks we have seen various governments around the world jockeying for position with regards to their own benefits in the event of an economic upturn. However, this chase for business is having an impact upon currency rates which is not beneficial in the medium to longer term.

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