Earth Science News  





.
TRADE WARS
Brazil discounts deal with U.S. over yuan

disclaimer: image is for illustration purposes only
by Staff Writers
Rio De Janeiro (UPI) Feb 17, 2011
Brazil has no plans to launch a joint initiative with the United States to pressure China to mend its ways over the market value of China's yuan, officials said.

Brazilian Finance Minister Guido Mantega said, as far as Brazil was concerned, the country had as many problems with the Federal Reserve's handling of the weak dollar as with China's maneuvers to keep the yuan attractive for importers of Chinese goods.

Brazil has been facing dual pressures on its trade, as a strong real threatens to make its exports less attractive to foreign buyers and builds up its import bill with cheap or competitive foreign imports.

The low dollar and yuan parities with the real have flooded Brazilian markets with merchandise that planners say is likely to damage Brazil's economy and manufacturing infrastructure in the medium to long term.

Mantega's comments aimed to put at rest speculation that recent visits to the country by senior U.S. government officials and members of the U.S. Congress might be aimed at eliciting Brazilian support to a wider initiative to pressure Beijing over the yuan.

Analysts and commentators from the Group of 20 economies say China is causing problems with trade and currencies by manipulating the value of its currency. Mantega echoed an official Brazilian view, widely publicized in the media, that the Federal Reserve efforts to stimulate the U.S. economy are causing just as many problems for Brazil.

The Group of 20 includes finance ministers and central bank governors of 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank.

The debate over the alleged currency wars came ahead of the group's meeting Friday and Saturday in Paris.

High on the senior officials' agenda is a long-simmering dispute over the way China sets the value of its currency to give its exporters an edge over rival trading nations.

The United States is among countries campaigning against Chinese currency policies. Brazilian analysts say the United States may be a victim of the Chinese currency maneuvers but its own efforts to stimulate the U.S. economy with low interest rates and other measures affect countries such as Brazil.

While developed and industrialized nations have struggled to revive investor interest in their economies, Brazil has witnessed a flood of overseas investment, resulting in overvaluation of the real, creating an unexpected headache for the regulators. Industry sources said other Latin American countries including Chile would likely face the problem of enthusiastic investors streaming into their buoyant economies hopeful of better returns.




Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Global Trade News



Tempur-Pedic Mattress Comparison

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News
TRADE WARS
More Chinese regulations for rare earths
Beijing (UPI) Feb 17, 2011
China will impose further regulations on exports of rare earth minerals, a commerce ministry spokesman said Thursday. The statement follows an announcement Wednesday from China's State Council, after a meeting led by Premier Wen Jiabao, of a five-year policy guideline for the rare earth industry. While the council didn't provide details, Chinese state-run news agency Xinhua quote ... read more

.
Get Our Free Newsletters Via Email
  


TRADE WARS
Australia flags taxpayer levy for floods

Haiti candidates press for more quake aid

Lucky crash escape for Honduran ministers

UN envoy touts Haiti education 'overhaul'

TRADE WARS
Fronts shift in smartphone war with Nokia-Microsoft tie-up

US regulators examine Apple media platform: WSJ

Long lost silent movies returned to US

Champions shaping up for browser battles

TRADE WARS
Thailand closes dive spots due to reef damage

China earmarks $303 bn for safe water: report

Kenya's Fisheries Management Promotes Species That Grow Larger And Live Longer

23 fishermen missing in Russia: report

TRADE WARS
VIMS Team Glides Into Polar Research

Polar Bear Births Could Plummet With Climate Change

Volcanic vents found in Antarctic waters

Researchers Map Out Ice Sheets Shrinking During Ice Age

TRADE WARS
Philippines rice 2010 farm output hit by weather

Toward Controlling Fungus That Caused Irish Potato Famine

Higher CO2 could change plant evolution

China says drought won't affect world food prices

TRADE WARS
Sri Lanka flood damage $600 mln

Powerful quake rocks Chile year after disaster

Another Iceland volcano may erupt

UN's Sri Lanka flood appeal falling short

TRADE WARS
Somalia: Jihadists, regime eye big pushes

Chinese firm signs $1.2bn Khartoum airport deal

South Sudan: Born under a bad sign?

Tunisian army patrols ports to stop migrant exodus

TRADE WARS
Mathematical Model Explains How Complex Societies Emerge And Collapse

Revisited Human-Worm Relationships Shed Light On Brain Evolution

On Their Own Two Feet

Ancient Teeth Raise New Questions About The Origins Of Modern Man


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement