A year after G-20 finance ministers agreed to end their currency wars, competitive devaluations are back in style. European Central Bank President Mario Draghi called the euro's strength a "serious concern" last week, and officials in Australia, Canada and New Zealand have been making noise about weakening their currencies for weeks, the Financial Times reports. China moved strongly to push down the yuan during the first quarter, spending an estimated $100 billion-plus in direct market intervention. Other emerging market governments are apparently fighting off currency strength too, including India, Brazil and South Korea, according to the Times.

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