, Columnist
Who Would Win a Currency War? No One
The benefits of a cheaper currency don't extend as far as they once did.
Not as powerful a weapon as before.
Photographer: Fred Dufour/AFP/Getty ImagesThis article is for subscribers only.
It's been a year since a sudden, 1.9 percent decline in the Chinese yuan rattled global markets and prompted fears of a global currency war. China has mostly soothed nerves by moderating the renminbi's swoon since then. But what should really put minds to rest is the knowledge that no one -- not even China, which arguably did power its rise, at least in part, on the back of an artificially depressed yuan -- could win a true currency war today.