Brazil to rally BRICS against rich countries

Brazil will push for its large emerging-market peers including China to join it in denouncing what it sees as unfair monetary policy practiced by Europe and the United States, raising the stakes in a global confrontation over economic imbalances.

Brazilian trade and industry minister Fernando Pimentel told Reuters on Wednesday his country would seek such language in a communiqué following Thursday's BRICS summit, which brings together Brazil, Russia, India, China and South Africa.

Pimentel said that China had previously been cautious about supporting language on global monetary imbalances "because they thought we could be indirectly referring to them." Many analysts believe that Beijing artificially manipulates its currency.

"Today's (problem) doesn't have to do with China," Pimentel said in a 30-minute interview on the eve of the summit in New Delhi. "It has to do with the dollar and the euro."

Pimentel also gave details of a new initiative to reduce business costs for Brazilian exporters and importers, and gave insight as to how his country will seek to address alleged global economic imbalances before the World Trade Organization.

Reuters