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Trump devaluation claims raise fears of global currency war
By Shawn Donnan, Robin Harding, and Katie Martin
Financial Times, London
Wednesday, February 1, 2017
The Trump administration's willingness to break with tradition and comment about currency valuations has raised fears that the US might lead the world into a new round of currency wars, angering and unnerving allies.
Shinzo Abe, Japan's prime minister, complained on Wednesday after Mr Trump attacked China and Japan for "play[ing] the devaluation market."
In response, Mr Abe told the Japanese parliament: "The kind of criticism they are making of yen manipulation is incorrect."
The previous day Angela Merkel, Germany's chancellor, denied that Berlin was seeking to influence the valuation of the euro -- after a top Trump adviser in an interview with the Financial Times accused Berlin of exploiting a “grossly undervalued” euro.
The administration's comments were the latest sign of a dramatic departure from past practice that began during last year's campaign when Mr. Trump complained that a strong dollar was hurting U.S. companies. ...
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