The "currency wars" among U.S., China and big emerging markets aren't over, says Brazilian Finance Minister Guido Mantega.

Brazil is preparing to unleash a fresh round of measures designed to weaken the Brazilian real, which has shot up in unwanted value thanks to the effects of U.S. and Chinese monetary policies.

Slow growth, low interest rates and money printing — especially in the U.S. — have sent investors scrambling to emerging markets like Brazil.

All that money has sent the real surging, the problem being is that Brazil runs an economy that thrives on exports, and a stronger currency makes those exports uncompetitive in the global market.

"We always have new measures to take," Mantega tells the Financial Times, adding the currency war is "absolutely not over."

Brazilian economists, meanwhile, are confident that officials will be able to cool its hot economy and have therefore cut inflation forecasts.

Consumer prices will rise 5.15 percent in 2012, according to the median forecast in a June 24 survey of about 100 economists published by Bloomberg.

The figure was down from 5.18 percent in the week before June 24 and 6.37 percent at the end of April.

"It's the first time for many months that you see both 2011 and 2012 inflation forecasts going down," says Enestor Dos Santos, senior Brazil economist for BBVA in Madrid, according to Bloomberg.

"The market is putting less pressure on the central bank."