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Global financial system should be less dependent on U.S. dollar: Brazilian minister

11-11-2010 11:37 BJT Special Report:5th G20 Summit in Seoul |

RIO DE JANEIRO, Nov. 10 (Xinhua) -- Brazilian Finance Minister Guido Mantega called on Wednesday for a reform of the international financial system, in order to get less dependent on the U.S. dollar.

On the G-20 summit in Seoul, Mantega said that it is necessary to create a system based on several currencies, such as the euro, the yuan and even the Brazilian real.

"There may have to be a retreat of the U.S. dollar and an advance of other currencies. Then the United States' measures will affect less the world," the minister said.

Mantega reiterated his criticism of the quantitative easing measures announced by the U.S. Federal Reserve last week.

The minister admitted that the measures taken so far in Brazil to halt the appreciation of the real are not working and said that additional steps will have to be taken. He did not, however, specify which measures the Brazilian government plans to take.

Brazilian President Luiz Inacio Lula da Silva will also participate in the G-20 summit and is expected to arrive in Seoul on Thursday. The country's president-elect, Dilma Rousseff, who was officially invited to the summit, has already arrived.


Editor:Zhang Jingya |Source: Xinhua

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