Currency War of 2009–11 US, and Financial Times journalists have suggested that if China returned to a fixed peg against the dollar this could re-ignite the Currency War, especially if the move coincided with the US presidential election campaign. Also in March 2012, Brazil's president Rousseff said her country was still experiencing undesirable upwards pressure on her currency, with her Finance Minister Guido Mantega saying Brazil will no longer "play the fool" and allow others to get away with competitive devaluation, announcing new measures aimed at limiting further appreciation for the Real. In June 2012, the "Financial Times" reported that while international trade remained
Currency War of 2009–11 ever. In May, Alan Beatie for the "Financial Times" suggested that the Currency War was not over, it had merely entered a lull, with the underlying tensions still unresolved. In July 2011, Guido Mantega told the "Financial Times" that the struggle between China and the US was still ongoing, suggesting that several emerging economies including Brazil were still experiencing undesirable upwards pressure on their exchange rates. As investor confidence in the global economic outlook fell in early August, Bloomberg suggested the currency war had entered a new phase. This followed renewed talk of a possible third round of quantitative easing