So this is interesting… early this year the Ministry of Finance was proud of itself (see their own PPT presentation below) for “winning the currency war” as it was able to bring the Real from 1.63 (mid 2011) to 2.10 (December 2012).

Funny how things turns around.

The question is: did they really win the currency war? We’re confused.

Bottom Line: If you ask for too much, you might just get it.

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