February 7, 2011 / 9:30 PM / in 7 years

Geithner urged Brazil to lobby China on yuan-source

BRASILIA, Feb 7 (Reuters) - U.S. Treasury Secretary Timothy Geithner urged Brazilian officials on Monday to lobby China to let its currency appreciate, a Brazilian official with direct knowledge of the discussions told Reuters.

In a meeting with Brazilian Finance Minister Guido Mantega, Geithner argued that the undervalued yuan is just as much as a problem for Brazil as it is for the United States, and urged Brazil “to lobby the Chinese to correct that situation,” the source said on condition of anonymity.

Mantega replied: “We’re against manipulating exchange rates,” the source added. (Reporting by Ana Nicolaci da Costa, Writing by Todd Benson)

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