My understanding is that if you devalue your currency to improve your exports and trade balance, then you also have diminished the standard of living for your citizenry cuz their money doesn't go as far[/QUOTE] Relative to import products, yes. But the living standard is bound to nosedive anyways if your export is hindered. A strong banking sector is known to be both good and bad, good because it can independently value the local currency, and bad because it destroys the living standard.[/QUOTE] It seems you are meandering all over creation. You started out saying that Currensy manipulation was extremely important to a nations wealth now you're saying it's merely a tool of some kind what does that mean exactly do you now understand that is not important that every country can manipulate his current sea and none can come out I ahead from doing it?