Concern over the relationship between exchange rates and trade has a long history in both international law and economics. This concern has manifested itself in two primary ways: first, as a worry about the impact of currency fluctuation on trade flows and, second, as a worry about the impact of currency manipulation on fairness in the international trading regime. While there is no consensus on how to address the problems created by the relationship of exchange rates and trade, this lack of consensus has done nothing to diminish states' concerns over the impact of currency fluctuation and manipulation on trade.
Antonia F. Pereira & Silas W. Allard,
Looking to Fill an International Regulatory Gap: Brazil Brings the Issue of Exchange Rates and Trade before the World Trade Organization,
Emory Int'l L. Rev.
Available at: https://scholarlycommons.law.emory.edu/eilr/vol26/iss2/4