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Currency devaluations work, says economist Surjit Bhalla, who claims the consensus believes...

Currency devaluations work, says economist Surjit Bhalla, who claims the consensus believes deliberate undervaluation does little to boost economic performance (where's he finding that consensus?). However, he doesn't condone the practice, noting China's undervaluation (45% by his estimate) has created huge distortions that threaten political and economic upheaval.
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