Russia begins buying Canadian dollar, Spain becomes new euro flashpoint - The Globe and Mail

Russia begins buying Canadian dollar, Spain becomes new euro flashpoint - The Globe and Mail: "Michael Babad
Published on Wednesday, Jun. 16, 2010 7:17AM EDT

Last updated on Wednesday, Jun. 16, 2010 8:00AM EDT

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Russia buys Canadian dollars
Russia has made good on a plan to add the Canadian dollar to its international reserves. Alexei Ulyukayev, the first deputy chairman of the country’s central bank, said after an event hosted by Bloomberg News last night that “we have added the Canadian dollar but haven’t yet begun operations” with the loonie. He told the news agency the central bank is also considering adding the Australian dollar.
Russia has said it is overhauling the makeup of its reserves amid extreme volatility of currencies such as the U.S. dollar and euro. At the same time, the Canadian currency is gaining in stature and popularity given the country’s strong economic and fiscal standings relative to its peers. There has been talk of the loonie gaining reserve currency status, though observers say it can’t truly hold that position given the limited nature of its trading."