Clip

The Impact of China's Currency Devaluation
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51:01 - 54:13 (03:11)

China's decision to devalue its currency by 40% in 2004 led to an influx of trade with the US, resulting in American companies exporting factories to China and flooding the market with cheaper goods. This caused a re-rating of the currency by almost 60%, leading to a rise in populism on both the left and right for a more protectionist trade policy.

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