Brazil OKs sovereign fund to act in forex market

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In Response To: Brazil finance minister warns of trade war: report *PIC* ()

Brazil OKs sovereign fund to act in forex market (by Carla Mozee)

LOS ANGELES (MarketWatch) - Brazil's sovereign wealth fund has been given the authority to act in the foreign exchange market, the Brazilian government said Monday. The authorization allows the fund to purchase or sell dollars in the market. The authorization also comes after the central bank last week extended its fight against the rise in the currency by imposing a reserve requirement for local banks aimed at reducing short positions against the U.S. dollar. Brazil's currency eased during Monday's trading session, recently trading at 1.692 reals per U.S. dollar, down from 1.682 reals on Friday.

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Brazil OKs sovereign fund to act in forex market

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