The document discusses currency appreciation and depreciation. It defines currency appreciation as an increase in the value of one currency relative to another due to factors like government policy, interest rates, and trade balances. As an example, it discusses the Chinese yuan appreciating 33% against the US dollar from 2005. Currency depreciation is defined as a fall in a currency's value relative to others due to economic or political instability. Recently, Turkey's lira depreciated over 40% against the dollar from January to August 2018 due to fears over Turkish debt and increased US tariffs.