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Brazil’s currency intervention: feeding speculation?

Posted on 29 August 2013

Brazil’s decision to offer up to $40 billion in currency swaps by year-end has been widely praised as a smart way to stabilize its foreign exchange market. The bold move announced last week, which doubles the amount of outstanding currency swaps in Brazil, has put a lid on the real’s sharp depreciation without burning a single dollar of the country’s foreign reserves.
It also targeted the source of market stress directly: the need for corporate insurance as companies rushed to futures markets to hedge their dollar-denominated debt………………………………………..Full Article: Source


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