CURRENCIES: Russia To Buy Canadian Dollars, Perhaps Others, Avoiding $USD.

BLOOMBERG/
Hoping to diversify and reduce its dependence on the $USD, Russia will buy Canadian dollars and perhaps other currencies, as well. Russia will increase its gold holdings and promote regional currencies in trade and finance to reduce risks posed by the dollar’s dominance. President Dmitry Medvedev has blamed the global financial crisis on an over-reliance on the $USD. Russia’s reserves, the world’s third largest, currently consist of 47% $USD, 41% euros, 10% pounds and 2% yen. The country keeps about 35% of its reserves in U.S. Treasury debt.