* Brazil concerned equally about dollar, yuan: Mantega
* Brazil opposes controls on commodity prices: Mantega
* Blames speculation, easy monetary policy for their rise
(Adds comments on SDR and other details throughout)
By Ana Nicolaci da Costa and Isabel Versiani
BRASILIA, Feb 15 Brazil has no joint initiative
with the United States to press China to let its currency
appreciate faster, Finance Minister Guido Mantega said on
"The initiatives of the countries are individual, we have
no common action (planned)," Mantega said during a conference
call, when asked if both countries had drawn up a common
position on currency policy ahead of the Group of 20 nations
meeting of finance chiefs in Paris at the end of the week.
U.S. Treasury Secretary Timothy Geithner last week urged
Brazilian officials to lobby China to let its currency rise.
Mantega said at the time he was against the manipulation of
exchange rates more broadly, according to a source with
knowledge of the conversation.[ID:nN07180539]
"Brazil is as concerned with the weakening of the U.S.
dollar as it is with the Chinese currency," he added.
Brazilian exporters have been struggling to compete with
cheap imports from China and other Asian countries. Brazil's
government has maintained that lax monetary policy in the
developed world -- which is helping keep borrowing costs there
at record lows -- is as much to blame for global imbalances.
The reform of the international monetary system will be
discussed at the G20 meeting, Mantega said, and should consider
the growing role of global players other than the United
"So it would be the case to move from a financial system
based on only one strong currency towards a system based on a
series of strong currencies," Mantega said. "Another important
initiative is to increase the importance of the (IMF's) Special
G20 officials will also discuss a French proposal for
tougher regulation to curb volatility in food and fuel prices
in Paris, which has faced some resistance from major commodity
Mantega said Brazil was "totally" against a mechanism for
controlling commodity prices, which he said would adjust
themselves as advanced economies recovered and there was less
easy money going around. Financial speculation and the monetary
policy in advanced economies were partly to blame for the rise
in commodity prices, he said.
"As advanced countries offer alternatives for investments
... there will be a reversal of these (investments) in
commodity markets," Mantega said.
One way of dealing with the rise in commodity prices could
be for advanced countries to eliminate subsidies and trade
barriers to agricultural products from emerging markets, he
(Additional Reporting by Raymond Colitt; Editing by W Simon;
Andrew Hay@thomsonreuters.com; Reuters Messaging: