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Export-led growth is not nearly as much fun as a consumer boom spurred by cheap foreign credit and a dear currency.
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Dear, dear, dear.
Dearer currencies act as a brake on exports.
Dearer currencies also encourage people to switch their spending from domestic goods to foreign goods.
The Swiss franc remains one of the world's dearest currencies.
A dearer US currency makes commodities more expensive for dollar holders, helping to undermine the sector, while investors are also unsetteld by some mixed signals from China.
Unhappy birthday to you Taking stock The dismal dash Calories and currencies Downhill cycling The Chicago question ReprintsIn addition to the real, several other currencies look dear, according to the latest Mcdata.
This huge gain in the international competitiveness of Chinese goods rendered South-East Asian currencies commensurately dear.
For example, traders will be able to ship cars from Italy, where they are cheap, to France, where they are dear, without fear that currencies will move against them.
If currencies become too dear, they could damage the region's export-dependent economies.
The resulting fall in the currency makes imports dearer and adds to inflationary pressure.
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