War will devalue the currencies of participating countries, while for other countries that have not participated in the war, the currencies of these countries may appreciate. Its main logic lies in:

1, war needs weapons, and buying or manufacturing weapons requires a lot of capital investment. Without funds, there is no way to resist. At this time, money may be printed, and more and more money will depreciate.

When war happens, the productivity of a country will decrease. For ordinary people, because of panic, they can only buy goods and store them. If goods are in short supply, they can only raise prices. This means that the currency will depreciate.

Suppose a country is overthrown after the war, then the original currency will become a piece of waste paper, and then the currency will depreciate.

Devaluation of currencies in war countries means appreciation of currencies in other countries. Suppose that country A exchanges the currency of country B, and the original 10 yuan is converted into 1 yuan. After the war in country A, it may take 100 yuan to exchange it for 1 yuan, which means that other countries have appreciated.