Their territories brave victory Cheap Nike Air Max Deluxe , which in the global "currency war" is no exception.
Local time on October 28, Brazilian Finance Minister Mantega Brazilian newspaper in an interview that Brazil plans to next month's Group of 20 (G20) meeting was proposed by the International Monetary Fund (IMF) to create a use to measure the index of exchange rate manipulation.
Mantega said that the index will be used to identify which countries their exchange rate artificially low to boost exports, currency manipulation by countries are considered the need to reduce interference, or the World Trade Organization (WTO) would then be able to its "illegal subsidy" to the sanctions .
He said, "WTO is actually a business that is manipulating the exchange rate subsidies, (countries) must avoid such acts, otherwise they will be met with sanctions."
Mantega also to Japan and Korea Cheap Nike Air Max 93 , for example, that countries are taking steps to let its currency depreciate. However, criticism of the developed countries in the monetary policy, exchange rate Mantega also fierce battle front war, and so far has yielded fruitful results.
TCW Chief Global Strategist Komal Sri-Kumar told this reporter last week, the exchange rate G20 countries promised not to fight the war, many finance ministers have hinted this week will further intervention in foreign exchange markets Cheap Nike Air Max Axis , which means that the exchange rate will continue for the next war.
Brazil: Brazilian real against the dollar's gains reversed
Competing in various countries to devalue the exchange rate war, Brazil has always been at the forefront of the fighting.
A month ago, Mantega publicly declared that war had broken out of global currency, language shock the world. He said the national currencies generally weakened the competitiveness of Brazil's threat.
This year in mid-June to October, the Brazilian real against the U.S. currency rose as much as 12%. Together with the U.S. benchmark interest rate close to zero compared to the benchmark interest rate up to 10.75% in Brazil.
Coupled with high interest rates and currency appreciation, international investors in the carry trade have the influx of Brazil. Brazil's central bank website based on the data flow to Brazil in September this year, fixed-income market size up to 24.1 billion in January this year four times. This further exacerbated the real upward trend.
Brazil's central bank and the Ministry of Finance work together Cheap Nike Air Max 120 , and take strong countermeasures.
Brazil's central bank in September bought a total of 4.2 billion, but in order to further weaken the dollar, as of October 15, the scale of the Brazilian central bank dollar purchases have risen to 108 billion U.S. dollars.
Oct. 5, Brazilian Ministry of Finance, the foreign investors to buy its fixed-income tax rate from 2% to 4%. Two weeks later, the government further increased the rate to 6%.
Mantega October 18 Cheap Nike Air Max Fury , said foreign investors to buy fixed income tax rate may further improve the future, and Brazil is also considering other measures to ward off the hot money into Brazil.
Bank of America, a study in the day quips, the Brazilian government can not resist the developed ultra-low interest rates, "it is impossible to fight a war."
But two weeks time, however, Wall Street to change its position.
"Mantega very hard to fight and win the struggle." Citigroup Latin America strategist Dirk Willer said recently Cheap Nike Air Max Flair , "If you and him fight, you need to know what he will do next. Mantega people I believe he will continue to have new tactics to appear, so you do not know when in the end is the end. and this has completely changed the market psychology. "
Since from October 13, the real depreciation of the dollar began to accelerate, has been devalued by about 3%. Since this month, the real 16 major currencies on the global decline of 0.5%. This is since January this year, the real first time on the world's major currencies fell.
This also means that the initial government interventions have been effective. Brazil's stock exchange data show that international investors last week Cheap Nike Air Max 180 , a total of $ 4,000,000,000 cut to do Duo Baxi market positions.
October 25, he said the recent performance of real good, if necessary, the future will use more weapons to organize real prices.
Japan: embracing quantitative easing in the second quarter
There will be winners on the battlefield there are losers.
Mantega naming the foreign exchange market intervention in Japan and Korea Cheap Nike Air Max Uptempo , but so far, the two efforts to weaken the currency did not get good results.
September 15 this year, the Japanese foreign exchange market sell-off in about 2 trillion yen buying dollars, which is the first time since 2004 the Japanese intervention in the foreign exchange market.
But since then, the yen continued to rise against the U.S. dollar still has now risen 4.7%, creating a 15-year high, and has been near record levels.
South Korea Planning Minister Yoon Jeung-hyun said this month that the Government is ready to inhibit the inflow of capital Cheap Nike Air Max 96 , including taxes on foreign bond investors.
Interestingly, the Japanese intervention in the Republic of Korea is also very dissatisfied with Japan's Finance Minister Ye Tian Jiayan October 13 accuse South Korea "on a regular basis to intervene in foreign exchange to the country's position as Chairman of G20 is facing serious questions."
For Japan's intervention, wild Tianjia Yan argues that Japan's foreign exchange market intervention to limit excessive volatility in the yen, with Korea and other economies have taken the essential difference between regular intervention.
But Japan's "occasional" intervention, after all, results are poor, they also began to consider adjusting the strategy.
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