dominant issue in Asia.
A good example is Mexico in the mid 90's. It tried to do a moderate devaluation, but the market didn't accept it. It lost control of the currency, there was a dramatic devaluation, and a subsequent recession -- even a depression in Mexico.
Deng engineered the most dramatic economic transformation of the 20th century, maybe ever. He changed China from a moribund, communist economy to an expansive, bull, rapidly growing mixed economy, with Marxism and market elements both present there. And it's a dramatic change.
Say you buy a factory in Brazil. When Brazil devalues its currency, that factory's value in dollars drops dramatically so your investment is worth a lot less. People are less likely to invest in a country that's prone to devaluations.