Mantega: US, Brazil not collaborating over China
BRASILIA, Brazil – Brazil's finance minister says the South American country and Washington are not working together to persuade China to let its currency rise in value.
Minister Guido Mantega is dismissing speculation that the two were collaborating on such an effort following last week's visit to Brazil by U.S. Treasury Secretary Timothy Geithner.
Geithner did not mention China by name during his stopover, but he criticized nations that keep their currencies devalued to make their exported goods less expensive and more competitive.
It is a complaint made by Brazilian manufacturers about China. They are losing ground to Chinese imports and clamoring for Brazil to take a tougher stance against China.
Mantega on Tuesday repeated his view that both the U.S. and China keep their currencies weak.