🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

INTERVIEW-Brazil's Mantega tough on derivatives, easy on China

Published 04/14/2011, 06:24 PM
Updated 04/14/2011, 06:28 PM

By Isabel Versiani and Pedro da Costa

WASHINGTON, April 14 (Reuters) - Brazilian Finance Minister said on Thursday he will push for tougher oversight of derivatives at this weekend's gathering of major world economies, blaming speculation for a run-up in commodity prices.

In an interview with Reuters, Mantega took a decidedly friendlier tone toward China despite what is widely seen as Brazil's disadvantage in exports market due to a lack of flexibility in the Chinese yuan.

"The primary responsibility for the excess liquidity lies with the advanced nations, not emerging ones," he said in response to questions about China's exchange rate, which many economists say is artificially undervalued. "Emerging countries are helping because they are pushing the international economy. So China contributes, Brazil contributes, Russia, India."

That was a shift from the minister, who is now working under a new president, Dilma Rousseff. She took over from the popular Luiz Inacio Lula da Silva at the start of this year. The comments suggest the United States may be losing an important ally in the fight against what it sees as the unfair advantage China gains from pegging its exchange rate to the dollar. (Editing by Leslie Adler)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.