Many Latin American companies also state results in dollars as well as the local currency, in part because high domestic inflation rates in the 1980s made it difficult to compare local-currency results from one year to the next.

ECONOMIST: Confusionism

Such moves would cause a headache for central banks worried about the domestic impact of a strengthening local currency, leading to possible intervention.

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Depreciation may help the domestic economy, but it inflicts a loss on foreign holders of local-currency government bonds.

ECONOMIST: Financial markets

The common workingman does not have the ability to do this, and finds only that his salary and domestic assets (savings, real estate, small local businesses) have been devalued along with the currency.

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But shortly afterwards, China's central bank established a domestic competitor, China UnionPay, and gave it a de facto monopoly over the handling of local-currency payments between merchants and banks.

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