In a move that has unsettled global financial markets, China has devalued its currency once again sparking fears of a global currency war.
The Chinese central bank engineered a small devaluation of the yuan on Tuesday in a move analysts said would keep its products competitive with weaker exchange rates.
But as it manipulates its currency to eke out an economic advantage for its exports, other countries are beginning to feel the pressure.
And with commodity prices falling due to waning demand from China, emerging markets are being the hardest hit. Commodity exporters like Brazil, Indonesia and Malaysia have seen their currencies hit multi-year lows as the price of oil and raw materials slump.
Sim Tshabalala, the co-CEO of Standard Bank, joins Counting the Cost to discuss the currency war and the economic fallout on nations like South Africa.
Also on this episode of Counting the Cost: Show me the money: Nigeria and President Buhari’s efforts to fight corruption; and, singapore at 50: What lies ahead?