The United Nations Conference on Trade and Development said the growing danger of a currency war was threatening the recovery in global investment.

James Zhan, director of the investment and enterprise division, said the disputes between different countries about their exchange rates were adding to uncertainty. And that's deterring businesses from investing abroad.

He also says competitive devaluations are a double-edged sword, as far as investment is concerned. They could attract inward investment by making assets cheaper and strengthening a country's export competitiveness. But they would also reduce the value of profits repatriated from foreign affiliates, making investment less attractive for a multinational corporation.

(CNTV.cn October 15, 2010)