Published by Mark Smith-HalvorsenBrazil has entered the debate on global currency imbalances as the country's finance minister announces an inflow tax hike and warns of further policy measures.The Brazilian real, which was the world's top-performing currency last year, has increased a further 7.1 per cent in the past three months, Bloomberg data shows.Forex brokers have flocked to the currency in search of higher interest rate returns and finance minister Guido Mantega warned that the situation is becoming untenable."This currency war needs to be deactivated ... We have to reach some kind of currency agreement," he told reporters after announcing the tax on foreign investments entering the country.Under the new arrangement, foreign traders will pay six per cent tax on fixed-income securities, up from a four per cent levy.The new tax comes as tensions over currency policy between China and the US continue to mount, although the Treasury is expected to avoid labelling the Asian powerhouse a "currency manipulator", at least until the resolution of upcoming G20 talks in Seoul.For more information on international payments, visit our Smart FX site.