UPDATE 1-INTERVIEW-Brazil to push G20 on managing FX reserves

* G20 to discuss excess FX reserves; Brazil sees IMF role

* Brazil wants G20 to mull curbs on speculative flows

* Brazil has no plans for more capital controls

* Brazil plans international real-denominated bond sale

LONDON, Nov 5 - G20 finance ministers meeting this week will discuss how to manage excess global foreign exchange reserves and the debate should address the disparity between pegged and floating currencies, Brazil's finance minister said.

Guido Mantega also said that finance ministers of the Group of 20 leading economies should decide if countries should follow Brazil's example of imposing a tax on capital inflows to curb speculation.

"We have the danger of imbalances - too much capital for countries that produce commodities like Brazil, Australia, South Africa," he told Reuters in an interview on Thursday.

"We must decide what we can do about that because we have countries with pegged currencies and floating ones like Brazil."

Mantega was speaking on the sidelines of a conference in London ahead of the G20 finance ministers' meeting in Scotland on Friday and Saturday.

Early last month, Brazil slapped a tax of two percent on foreign investments in fixed income and stocks in a bid to halt massive dollar inflows and the real's <BRBY> rally of nearly 33 percent against the greenback this year.

"We must decide if everybody (adopts a capital inflow tax) or leave the currency free float," he added.

Mantega said the International Monetary Fund (IMF) had a role to play in helping countries reduce their currency reserves as part of a global rebalancing that must occur between the United States and Asian countries with current account surpluses.

"We agree with the thesis that we can operate with less (forex) reserves. That means the IMF must guarantee the financial sustainability of countries," Mantega said.

"I can have less reserves if the IMF gives me a swap, then I have the possibility of having the money when I need it."

TOO MUCH LIQUIDITY

Mantega said there was broad agreement among G20 economies on the need to reduce current account surpluses in fast-growing economies such as China and Brazil.

However, he said much of the recent capital inflows that threaten to overheat emerging markets were the result of countercyclical measures taken by the United States and other countries to boost demand.

"We have too much carry trade because the dollar is too cheap and interest rates are too low in the U.S.," he said.

Earlier, Mantega told an audience of investors that Brazil's tax on capital inflows was a "one-off" measure to reduce the "exaggerated" strength of the real currency that is detrimental to Brazilian exporters.

He told Reuters that Brazil had no further plans to curb speculative inflows because global capital flows would return to equilibrium once the United States increases interest rates and countries reduce excess liquidity.

"Of course if you restart the equilibrium, we can remove the tax," Mantega said.

Brazil plans to sell real-denominated bonds on the international market to strengthen the real's role as an international currency, he added, "We have done this in the past and we intend to do it in the future. It is one way to stimulate the real as an international currency," he said. "We haven't yet decided when to sell in international markets."

Mantega will be meeting his counterparts from Russia, India and China at the G20 meeting but he said the four countries -- known collectively as BRICs -- would not meet separately nor issue a joint communique.

Deputy finance ministers of the four countries will have a separate meeting, he said.