Importance The article reviews possible scenarios in the international monetary market and evaluates forecasts provided by analysts from the leading credit institutions and economic editions. Objectives The objective of the research is to investigate manipulations with foreign exchange rates and their effect on national economies and global economy. We make an attempt to explore the currency war concept, identify reasons for competitive devaluations and outline a possible scenario. Methods The article is based on a broad material of the Russian analytical agencies and institutions, foreign overviews and forecasts, scientific proceedings of the Russian scholars. The research focuses on the USA, China, Russia, Japan and the EU. Results The research illustrates that Russia takes the lead in competitive devaluation, keeping some potential for development. However, the national economy should be restructured to achieve this. Competitive devaluation is likely to continue in Russia, China, Japan and the EU. Conclusions and Relevance Competitive devaluation generates some short-term benefits for the State. To improve the national competitiveness, global economic ties should be strengthened through free trade and settlements denominated in the national currency. Competitive devaluation is a stabilizer of limited duration that is applied as a result of sharp and negative fluctuations in the global arena.
Keywords: currency war, competitive devaluation, quantitative easing
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