The recent sharp Chinese currency depreciation should be setting off alarm bells for the global economy.
Not only does that movement likely presage further currency depreciation in China, the world’s second-largest economy, but it also increases the likelihood that China and the United States might be drifting inexorably toward both a currency and a trade war.
http://thehill.com/opinion/finance/396050-chinas-currency-depreciation-should-set-off-alarm-bells
