De facto currency April 2009. Both South African rand and Botswana pula circulate in Zimbabwe. The small French island of St. Pierre and Miquelon has the Canadian dollar as its de facto currency. Hong Kong Dollar is widely accepted in Macau, even though it hasn't gained any official recognition from Autoridade Monetária de Macau (AMCM) as legal tender in Macau. Currently, Macauese Pacata is pegged to Hong Kong Dollar at 1.029(buy)/1.032(sell). However, many merchants who accept Hong Kong Dollars may now offer to pay the difference between 2 currencies, such practice is often called '不补水' in Chinese. If merchandise priced in Patacas is
Currency war seen as an attractive solution to unemployment when other options, like increased public spending, are ruled out due to high public debt, or when a country has a balance of payments deficit which a devaluation would help correct. A reason for preferring devaluation common among emerging economies is that maintaining a relatively low exchange rate helps them build up foreign exchange reserves, which can protect against future financial crises. A state wishing to devalue, or at least check the appreciation of its currency, must work within the constraints of the prevailing International monetary system. During the 1930s, countries had relatively