21.   Asian leaders have been unnerved by the prospect of China devaluing its currency.

22.   As the reserves have shrunk, foreign investors have become increasingly worried that the government would be forced to devalue the currency.

23.   At present, countries can protect their international competitiveness by devaluing their currencies to offset inflation.

24.   At the same time, Thailand, Malaysia and other Southeast Asian countries devalued their currencies this summer, making Japanese exports there more expensive.

25.   Banco Frances also rose after Brazil took steps that eased concern the government could be forced to devalue its currency, the real.

26.   Because Asian currencies have been devalued so sharply, products from countries like South Korea are far more competitive in world markets.

27.   Because the Hong Kong dollar is pegged to the U.S. dollar, he said, price adjustment has been slower than in countries that have devalued currencies.

28.   Bond prices plummeted when financial turmoil in Asia spurred speculation that Brazil will be forced to devalue its currency, slowing investment flows throughout Latin America.

29.   Borrowers in dollars and other currency would have a harder time redeeming their debt if Brazil were forced to devalue its currency or an economic slowdown turned into recession.

30.   Brady bonds plunged in value last December when the Mexican government devalued its currency.