Gordhan wary of ‘competitive devaluation’

By Andy Rice 19 October 2010

Speaking at the National Consumer Goods Council of SA's annual meeting, finance minister Pravin Gordhan warned of what the current "currency wars" could lead to down the line, stating that they could create "trade wars", where countries devaluate their currencies in order to gain a competitive advantage in international trade. Gordhan suggested that instead of continuing the currency wars, national interests should come after global interest, so that everyone can benefit. Read more: Fin24