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Tug of war

Volatility: Tensions are simmering at the Group of 20 meeting in Seoul. Western leaders want emerging market currencies to rise, and emerging countries said foreign hot money have added to their problems. The disunity isn't just a problem for politicians. It is also causing big headaches for companies investing across borders. Bosses of emerging market businesses have two complaints. One is that rising domestic currencies hurt profits. For those who sell in dollars or euros, domestic currency appreciation will inevitably lead to short-term pains. But over the long run, stronger currencies ...