"Britain's exit has caused a devaluation in the pound which means that the same amount of yuan allows you to buy more," it explained.
He argued, further, that the moral fervour of the Revolution, and its vast speculative schemes of political reconstruction, were causing a devaluation of tradition and inherited values and a thoughtless destruction of the painfully acquired material and spiritual resources of society.
The sanctions have basically banished Iran from the global banking system, caused a severe devaluation in its currency and sharply reduced its ability to sell oil, the country's most important export.
But the sudden end of the cepo might provoke an immediate jump of the exchange rate, causing a deep devaluation of the peso and, in turn, inflation — as much as thirty per cent in 2016, up from twenty-three per cent this year, according to some projections.
According to a statement by the Zimbabwe central bank, the hyperinflation was caused by speculators who charged exorbitant rates for U.S. dollars, causing a drastic devaluation of the Zimbabwe currency.
The mere whiff of devaluation would cause a bank run: people would scramble to deposit their euros with foreign banks to avoid forced conversion to the new, weaker currency.
The result of that loss in income to China is apparent everywhere in the city, in the form of warmer welcomes, increased services, and a moderate drop in some prices even beyond the drop caused by a devaluation of China's foreign-exchange currency.
José Gregorio Piñeda of the Venezuelan American Chamber of Commerce said the country's middle class would be seriously affected by further devaluations, which would cause a decline in the value of salaries and reduce businesses' access to credit.
