China ought to agree to faster currency appreciation.
It was also facing periodic criticisms from the United States for not allowing faster currency appreciation.
For Poland, a relatively light borrower, the crisis created a riptide in the form of a fast-depreciating currency, the zloty.
The last time the Federal Reserve was forced to cut interest rates in a hurry -- in October 1998 -- it was to protect the United States from a fast-spreading currency crisis in Russia, after more than a year of economic turmoil in Asia.
Exporters have struggled to adjust to soaring inflation, a fast-rising currency and, with some irony, stricter enforcement of labor laws that make it harder to hire regular workers on a seasonal basis.
Mining increased in England, with the silver boom of the 12th century helping to fuel a fast-expanding currency.
And they covered themselves, as they thought, by loaning in their own money, rather than fast appreciating local currency.
Bitcoin is a fast growing digital currency that has been championed most prominently by the twins Cameron and Tyler Winklevoss, who are best-known for their years-long battle with Mark Zuckerberg over Facebook.
Economists are calling for urgent action to resolve slowing growth and investment as well as fast-depleting foreign currency reserves.
A faster pace of currency appreciation offers a more powerful weapon: it will help to reduce imported inflation, especially of food and raw materials.
