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Brazil's president-elect blasts U.S. monetary policy

11-12-2010 09:56 BJT

RIO DE JANEIRO, Nov. 11 (Xinhua) -- Brazilian President-elect Dilma Rousseff on Thursday criticized the new round of quantitative easing measures of the U.S. Federal Reserve last week.

Rousseff said that forcing the devaluation of the U.S. dollar was a grave issue and will damage all countries.

"I think this weak dollar policy is grave for the entire world. It is a matter that has always caused problems," she said in Seoul, South Korea.

Rousseff was officially invited to the Group of 20 summit in Seoul along with President Luiz Inacio Lula da Silva and the country's finance minister.

Rousseff said Brazil will need to take further measures to halt the rise of its currency. But she did not specify which measures she would take.

"We will have to take a careful look and take all the possible measures (to halt the Real's valuation)," she said.

She said she agreed with Finance Minister Guido Mantega's suggestion of using a basket of currencies instead of the U.S. dollar in transactions.

President Lula also said in Seoul that he would discuss the possibility of reducing the dependency on the U.S. dollar.

Brazil has already used local currencies to trade with some countries, such as Argentina.

In addition, Lula stressed the importance of reaching a common decision on the exchange rate matter. He said it is better to talk than fight.

"It is not every man for himself and God for all. It is everyone for everyone and God for all. Only then it will work out," he said.

Editor:Jin Lin |Source: Xinhua

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