英语文摘：Brazilian currency real's valuation is bad for economy: expert

RIO DE JANEIRO, Oct. 22 (Xinhua) -- President of Brazil's Development Bank Luciano Coutinho said Friday that the excessive valuation of the Brazilian currency real compared with the U.S. dollar is damaging to the Brazilian economy.

The government needs to take necessary measures to stop the fall of the U.S. dollar, he said.

"We must protect the competitiveness of the companies and the job creation in Brazil," Coutinho said in Sao Paulo.

Coutinho said that the world is undergoing an "exchange rate war" and that many countries have been reducing the value of their currencies in order to facilitate exports. But Brazil does not agree with those measures.

"If everybody takes those measures, it will be bad for all," he said.

The value of the U.S. dollar compared with the Real has been falling significantly, and hit the lowest level in two years last week.

This week, the U.S. dollar value registered a 2.58 percent rise, and the real-dollar exchange rate closed at 1.709 reais a dollar on Friday.