FX fact: currency devaluations
MARKET NEWS
The most dramatic series of currency devaluations occurred in 1973, with the collapse of the Bretton Woods fixed exchange rate system. The fall of the 30-year old system caused a wave of global devaluations and the collapse of many currency peg arrangements, causing the most carnage yet seen in the FX markets.
But the devaluation of the German reichsmark in 1931 is often cited as having the most damaging long-term fallout. Triggered by the 1929 Wall Street stock market crash, it added to Germany
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