Brazil is set to propose an “exchange rate anti-dumping” measure to the World Trade Organisation that would allow countries to retaliate against trading partners that undertake competitive devaluations of their currencies.
Brazil’s Geneva office is working on the plan, which would mark an escalation of what Latin America’s largest economy has dubbed the “currency war” – the battle against what it sees as the use of loose monetary policies by reserve-currency issuers such as the US to boost their exports.
“This discussion is ripe to be had now,” Fernando Pimentel, development minister, told Brazilian newspaper O Estado de S.Paulo. “All countries are facing the same problem of the devaluation of the dollar.”
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