Currency war, a race to the bottom

As the International Monetary Fund flopped this weekend in soothing
the anxiety of a currency war, the forex markets are about to encounter a volatile period.
The IMF tried to act as a referee in the currency-game between China and the USA.
China is being accused of keeping its currency artificially low
in order to climb out of recession, making other countries drop in competitivity. China aggreed to steadily raise its rate of exchange to avoid social unrest, but it's still a long way to accomplish the IMF's objective. (the Guardian)

Lorenzo Facq