Competitive currency devaluation does not benefit any country and could cause chaos to global financial order, former China central bank governor Zhou Xiaochuan said on Friday.
Japan’s top currency diplomat issued a warning against excessive volatility in the exchange-rate market, threatening to act if currency moves become too volatile.
US President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision to label it a currency manipulator would lead to chaos in financial markets.
Central banks in Asia, Australia and New Zealand (NZ) have joined a brewing global currency war by slashing interest rates and pledging to keep them down, worrying markets over the risk of a chase to the bottom.
The Riksbank, Sweden’s central bank, said it still expects to tighten policy around the turn of the year, surprising markets and sparking big gains in the long-suffering crown currency.