Русско-англо-русский юридический словарь

Currency war, also known as competitive devaluation, is a condition in international affairs where countries compete against each other to achieve a relatively low exchange rate for their own currency. (Wikipedia)

So what exactly is a currency war? It is a term used to describe competitive devaluation of currencies, a scenario where various nations try to devalue their currencies in an attempt to gain an advantage over each other. (BBC News)