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Russia diversifies into Canadian dollars
Peter Garnham
FT.com
Thursday, January 21st, 2010
Russia’s central bank announced on Wednesday that it
had started buying Canadian dollars and securities in a bid
to diversify its foreign exchange reserves.
Analysts said the move could be a sign of increased diversification
of emerging market central bank assets away from the dollar
and into investments denominated in other commodity-linked currencies,
such as the Australian dollar.
Adam Cole at RBC Capital Markets said if taken in isolation,
Russia’s announcement that it was buying Canadian dollars
was not significant, but if it was part of a broader trend,
then it was an important step.
“If it is a barometer for the activity of other central
banks, then its is structurally positive for the currencies
of countries like Canada and Australia that have a commodity
bias in their economies,” he said.
Full
article here
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