Who are the principal creditors losing out in this devaluation? I think one can group them into two classes: private and institutional.
The private losers are composed of (1) most of the world’s middle classes with net positive asset values, (2) mid-sized out-of-the-loop companies with large outstanding accounts receivable, and (3) the out-of-the-loop rich (whatever that means these days).
The poor and indebted have little more to lose, while the in-the-know upper classes have the financial tools to protect themselves.
The institutional losers are obviously the central banks of the principal creditor countries: SE Asia, China, Japan, Russia and the OPEC countries. One can only assume that they know that’s just part of the deal.
In Chinese this is called “剪羊毛” – shearing sheep wool. A type of semi-regular asset redistribution from those out-of-the-loop to those in-the-loop. The middle classes were getting far too rich anyway, right? Nothing like a good trimming to get them running fast again.