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El-Erian Says Currencies ‘Collateral Damage’ of Monetary Policy

Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said currencies are suffering from the impact of aggressive monetary policies around the world.

Markets are trying to “navigate the reality that everybody is trying to devalue their currencies,” El-Erian said today in a Bloomberg Television interview with Betty Liu. “There is too much reliance on central banks and currencies are the collateral damage,” he said.

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