Brazil's Government Furious Over QE3

Brazil's finance chief blasted the latest round of U.S. monetary easing, saying that the Federal Reserve's resumption of asset purchases could damage growth in emerging markets.

Finance Minister Guido Mantega, who coined the term "currency war" in 2010 to describe advanced economies' use of monetary policy to boost exports, said the Fed's open-ended plan to purchase assets will erode the competitiveness of Brazilian manufacturers by weakening the U.S. dollar. A decline in the dollar also cuts into the value of Brazil's foreign currency reserves, he said.

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