Brazil will be looking to fight a "currency war" it sees underway between the United States and China that is threatening its export sector, President Luiz Inacio Lula da Silva said Wednesday.
"I am going to the G20 to fight" this, he said in a joint media conference with his elected successor, Dilma Rousseff, who takes over as Brazilian president in January.
Lula said he and Rousseff would be going to the November 11-12 meeting in Seoul, called by the South Korean government to discuss global economic and financial issues.
"The United States and China are waging a currency war. The United States because it wants to fix its fiscal deficit problem and China because it knows it can't continue undervaluing its money like it is," Lula said.
Rousseff added that "all countries apart from China and the United States see that there is a currency war."
Brazil's crucial export sector is hurting as a cheap dollar makes its products more expensive abroad.
Lula said his government will "take all necessary measures to ensure our money doesn't stay overvalued" against the greenback.
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