China's Plan for Winning the Currency Wars
The currency wars are still rumbling on. Today, Thailand became at least the 21st country to cut interest rates so far this year, as everyone tries to make their currency cheaper than everyone else's. The Federal Reserve still seems on track to raise rates in June, turbocharging the dollar. But there's more than one way to win a battle. You can inflict increasing damage on your opponent, which is what most of the world is doing to the U.S. Or you can gain territory -- which is what China is doing as its currency steals more and more of the global market.
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