By devaluing its own currency, China has tried to address its issues due to financial distress. Not many have taken this surprise move by China in good spirits. While China might be trying to fix its own domestic growth, it could trigger currency wars amongst nations that are trying to compete with each other in international trade.
2015 will be a year that will test many emerging economies like Brazil, Russia and China. Advanced countries will take measures to revive past growths and try to remain in the race. Low oil prices will lower inflation in many economies but will raise concerns in many others.