In 2010, Guido Mantega, Brazil's Finance Minister, alerted the world to the potential of currency wars.1 He used the term to describe the ongoing conflict between countries like China and the United States over the valuation of the yuan.

While some countries don't force their currencies to devalue, their monetary and fiscal policy has the same effect, and they remain competitive in the global marketplace for trade. Monetary and fiscal policies that have a currency devaluing effect also encourage investment, drawing in foreign investors to (cheaper) assets like the stock market.

On August 5, 2019, the People's Bank of China set the yuan's daily reference rate below 7 per dollar for the first time in over a decade. This, in response to new tariffs of 10% on $300 billion worth of Chinese imports imposed by the Trump administration, was set to go into effect Sept. 1, 2019. Global markets sold off on the move, including in the United States, where the Dow Jones Industrial Average (DJIA) lost 2.9% on its worst day of 2019 up to that date

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