In today’s Business English News lesson, we look at how countries are using competitive devaluations of their currencies to stimulate economic growth.
It’s been a wild ride since the global economy welcomed in the New Year, and the scale of global easing that’s taking place has stunned investors. On average, an interest rate has been cut somewhere in the world once every 3 days, catching everyone off guard. If 25 countries cutting rates since the start of the year wasn’t proof enough, this week’s warning from Janet Yellen about the dollar’s strength confirmed that the world’s top central banks are fighting a currency war.
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