Currency wars unlikely to break out in region: StanChart economist

Singapore

WHILE Asia is vulnerable to an escalating currency war - with both the euro and the yen being driven down in value - regional economies have not locked horns over this, senior analysts from Standard Chartered Bank said at a research briefing on Monday.

A currency war or competitive devaluation refers to a country devaluing its currency in order to make exports cheaper, spurring another country to "compete" by doing the same. This could hurt trade.