The dollar shortage created depreciation pressures on the CNY, which the PBoC declined to offset. The CNY was thus bound to fall, which it did last September.

Beggar Thy Currency Or Thy Self?

To dampen the additional inflationary pressures implied by a weaker rupee, more aggressive fiscal retrenchment is needed. Even so, a depreciated rupee will increase the burden of repaying foreign debt, and deepen the woes of domestic companies and banks.

But some depreciation of the euro would provide a bridge to reach internal governance reform. And, like it or not, rising pressure on the euro is likely to force European officials to cross it.

Devaluation of the currency.

China s Daring Depreciation

Since then, many calls for coordination have lamented the outbreak of currency wars, otherwise known as competitive depreciation an old phenomenon that recalls the tit for tat devaluations of the 1930s. Now, as then, the fear is that if all countries try to depreciate their currency to gain export competitiveness and boost their economies, all will fail.

20. The national currency was devalued.

The standard way to buffer the effects of austerity is to marry domestic cuts to devaluation of the currency. Devaluation renders exports more competitive, thus substituting external demand for the domestic demand that is being compressed.

But, since none of these countries has a national currency to devalue, they must substitute internal devaluation for external devaluation. They have to cut wages, pensions, and other costs in order to achieve the same gain in competitiveness needed to substitute external demand for internal demand.

A Devaluation Option for Southern Europe

This presents a decrease of some 30 per cent in the value of the United States dollar against the euro.

Another obstacle was the problem of sunken cost.

That's just what this Soule's figuring on running it right down to nothing.

Her blood pressure was an alarming 230 over 170.

You write the check, and instantly it depreciates 30 percent.

The value of the dollar declines as the rate of inflation rises.

I'm going to criticize your work with a baseball bat.

Of course, the renminbi s recent depreciation was much smaller than the de facto currency devaluations engineered by the United States and the United Kingdom after the financial crisis of 2008. It was also nowhere near as significant as the devaluation that the Bank of Japan has pursued since 2012.

And this is precisely what the PBOC did on August 12 13, when stronger than expected depreciation pressure and surging devaluation expectations raised the risk that the planned one off exchange rate adjustment could trigger a rout. So the PBOC informed the market that the depreciation would not exceed 3 a credible statement, given abundant official reserves with which to stabilize the exchange rate.

These are reasonable objections, but they should not be allowed to lead to unreasonable conclusions. The alternatives on offer are internal and external devaluation.

Given these factors, it seems likely that the recent devaluation was driven by a different goal. And, in fact, an announcement made on the same day as the devaluation one that has been largely overshadowed by the panic offers an important indication of what that goal was.

(d) the lowest set pressure of the pressure limiting device(s).

The won has been devalued sharply, making exports more viable.

You enjoy making a person look like two cents, don't you?

He made Jiggs feel like two cents, me even less.

A more competitive currency would be welcome just as the sterling s collapse since 2008 has lifted UK exports, a weaker euro would help Mediterranean economies regain competitiveness for price sensitive exports. A fiscal devaluation slashing payroll taxes and replacing the revenues with a higher VAT would also help.

But the euro s depreciation is too recent to have made much difference yet. Historical evidence, not to mention Japan s experience with a falling yen, suggests that it takes several quarters, or even years, before the positive impact of currency depreciation on net exports is felt.

That is why I believe that these countries and the eurozone more generally would benefit from euro depreciation. Although a weaker euro would not increase their competitiveness relative to Germany and other eurozone countries, it would improve their competitiveness relative to all non eurozone countries.

Against this background, it is easy to see why many anticipate a tactical adjustment in China's currency policy, from appreciation to depreciation. Such a move would certainly seem appealing as a way to provide temporary relief from downward pressure on growth and prices.

As a result of these factors, eurozone growth has resumed, and eurozone equities have recently outperformed US equities. The weakening of the euro and the ECB s aggressive measures may even stop the deflationary pressure later this year.

Take the same country s current account deficit and ask how large a real depreciation is needed (making some assumptions about trade elasticities along the way) to close that external gap. If the recent real depreciation achieves that threshold, no further change in the exchange rate should be expected.

a A higher real exchange rate signifies a real depreciation of the local currency.

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Some have accused Japan of fueling a global currency war. Anticipation of aggressive monetary expansion has sharply weakened the yen, which has fallen by almost 20 against the dollar in just over four months.

depreciation of nonconvertible currencies.

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The explanation, I believe, lies largely in the August 11 devaluation of the renminbi, after a decade of appreciation. By moving away from the renminbi peg to the US dollar an undoubtedly risky move China demonstrated its willingness to allow market forces to establish the exchange rate in the long term.

When the pressure test is a part of the inspection and test, the test pressure shall be the one indicated on the data plate of the portable tank.

Finally, the renminbi s recent decline against the dollar was only 2.5 , from CN 6.2 to CN 6.35 far below the double digit declines of the Japanese yen, the euro, and the British pound. So, on an overall trade weighted basis, the renminbi is substantially higher relative to the currencies with which it competes.

The RMB middle price is registered at 6.4401, a depreciation of 66 basis points. The rising slows down.

Looks like it won't be worth much nohow when Soule and his crowd gets through with it.

Depreciation of the euro would be the best medicine for restoring international price competitiveness to the periphery countries and reviving their export sectors. Of course, they would devalue on their own had they not given up their currencies for the euro ten years before the crisis (and if it were not for their euro denominated debt).

For example, the devaluation of the CFA franc forced many Africans to emigrate because it caused a 50 per cent drop in their purchasing power.