The global financial market is bracing for a potential currency war in 2025, driven by fears that China may devalue the renminbi in response to escalating trade tensions with the United States. Such a move could trigger a wave of competitive devaluations, particularly in Asia, reminiscent of the FX turmoil experienced fifteen years ago. However, iBanFirst analysts challenge this consensus, arguing that a sharp renminbi depreciation is unlikely. Instead, for Romania, the most pressing risk in