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The following article was published in our article directory on October 22, 2010.
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Brazil's Efforts to Curb the Appreciation of the Currency

Article Category: Business

Author Name: xia zihui

Following the October 18 to improve the financial operation for the foreign tax rate to 6%, the Brazilian government on the 20th and then out of intervention, announced a ban on foreign investment in domestic financial institutions to provide services to the futures market to curb the influx of hot money to push the local currency real exchange rate. Data show, the real against the U.S. dollar since 2008 has risen about 38%. In addition, the Brazilian Ministry of Finance recently issued a total of 10 billion reais (about 597 million U.S. dollars) in international bonds, foreign investment in the country to ease the demand for bonds, a move to Brazil for the first time since 2007.

Large number of international hot money inflow for the control of the country's currency, the impact of financial and economic stability, the Brazilian government had taken a series of measures for intervention and restrictions, but these measures are still difficult to curb the rapid real gains, leading the Brazilian government into monetary policy dilemma position. 20 evening, the Brazilian central bank announced its benchmark interest rate 10.75% the same, in order to avoid spreads lead to more hot money inflows. Brazilian President Lula called on the same date, the Group of Twenty (G20) leaders should discuss at the summit next month, a "rate war" complete solution.

Intervention extended to derivatives

Brazil's National Monetary Council on the 20th that would prohibit banks and securities brokers in the country for foreign investors in futures markets, leasing, lending and asset swaps, and other business services. On the same day, the Brazilian central bank official confirmed that the new regulations with immediate effect, but does not affect the already existing trade contract due delivery date. In addition, the Brazilian Securities and Futures Exchange also said it would prohibit the bank letter of guarantee to foreign customers, to limit foreign capital inflows to the country's financial derivatives market. Thus, the scope of intervention from the Brazilian government bonds and the stock market, and expand to the derivatives market.

Last week, Brazil's Finance Minister Mantega once said that to limit the real's appreciation, the government is closely following the futures market and the introduction of control measures such as risk positions and leverage. He also warned that the current investors in the Brazilian futures market to 100 billion Brazilian reais "leveraging" of up to 100 billion reais in derivatives trading.

21, Bloomberg reported that the Brazilian Ministry of Finance has in the international market, sold a total of about 10 billion reais of local currency bonds, which for the first time in Brazil since 2007, making it this year, following Colombia, Chile and the Philippines after the issue of international Bonds new members. The issuance of bonds for the 2028 maturity date, coupon rate of 10.25%, 8.85% yield to maturity, and underwriters for the Barclays Bank and Deutsche Bank. In this regard, Oppenheimer Fund, a fund manager commented Sarah Wadsworth, Brazil The timing issue international bonds very well, which will meet the foreign investment demand for local currency bonds in Brazil.

To curb the inflow of international hot money to push the currency, the Brazilian government in October has been raised twice since the bond rate to 6% of financial operations, and the foreign exchange rate derivatives trading from 0.38% to 6%, it is still difficult to hot money pouring off sought after assets in Brazil. According to the Brazilian central bank data released earlier this year in September a total of 1.7 billion inflow of Brazil, is the bank since 1982, the statistics were the highest monthly inflow since.

To keep the benchmark interest rate unchanged

Brazil's central bank monetary policy committee decided the night of 20 to maintain 10.75% of the benchmark interest rate unchanged, which is the second time this year to maintain this line of interest rates, but also since last March, after the highest level. Line with market expectations of the resolution highlights the Brazilian government to control inflation and curb the currency appreciation on the dilemma.

To deal with inflation, this year in April, the Brazilian central bank benchmark interest rate from a record low 8.75% to 9.50%, is the first time since the financial crisis to raise interest rates in Brazil. June, the bank increased the benchmark interest rate to 10.25%. July, Brazil's central bank raised its benchmark interest rate again by 50 basis points to 10.75%. However, as with the developed economies spreads the gradual expansion of international capital inflows in Brazil have recently begun to accelerate, to share Brazil's economic growth "cake", but also constitute the upward pressure on inflation in the country. Latest data show that the Brazilian IPCA consumer price index in September (CPI) rose 4.7% to highest level in 12 months, higher than the Brazilian government's inflation target of 4.5%.

In addition, analysts also predicted that Brazil's central bank meeting in December will maintain the current benchmark interest rates unchanged until next April to raise interest rates possible.

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