Brazil is preparing more moves to defend its currency, the real, in what has been labelled a “currency war” between the world’s leading economies.
“We are ready to take further measures if there is a new appreciation of the real,” Guido Mantega, finance minister, said in a conference call on Thursday. “With the situation in Europe under stress we expect to see a continuation of the currency war in coming months.”
He said measures would not be announced in advance, but officials have spoken recently of using currency derivative auctions or fresh controls on inflows from foreign portfolio investors.
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