Geithner tells Brazil both face economic challenge

U.S. Treasury Secretary Timothy Geithner says Brazil and the United States face an economic challenge from nations that sustain undervalued currencies.

During a one-day visit to the South American nation, Geithner did not mention China by name but the U.S. has said that China’s currency is substantially undervalued. Geithner said both Brazil and the U.S. need a balanced global economy to allow for more robust growth.

U.S. has been working on persuading China to let its currency, the yuan, appreciate.

Geithner is in Brazil to strengthen bilateral relations and lay the groundwork for President Barack Obama’s visit there next month.

The secretary was to meet with President Dilma Rousseff and other top officials.

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