By Andre Soliani
Nov. 5 (Bloomberg) -- Brazil will propose to the Group of 20 countries measures to avoid overvaluation of the Brazilian, Australian, New Zealander and South African currencies against the U.S. dollar and the Chinese yuan, Folha de Sao Paulo reported, citing Finance Minister Guido Mantega. Mantega told the Sao Paulo-based newspaper that investors are shifting money to commodity exporting economies because rich nations are paying low interest rates.
The government’s 2 percent tax on foreign purchases of fixed income securities and equities is helping contain stock and currency gains, Folha reported Mantega as saying.
To contact the reporter on this story: Andre Soliani in Brasilia at asoliani@bloomberg.net
Last Updated: November 5, 2009 07:08 EST
Brazil to Propose Measures on Exchange Rates at G20, Folha Says - Bloomberg.com
