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Russia Adds Canadian Dollar to Reserves, Australian Currency May Be Next

Russia aims to diversify its reserves, the world’s third biggest, and promote the use of regional currencies in international trade and finance to reduce risks posed by the dominance of the U.S. dollar. The central bank also plans to increase gold holdings and may consider including other currencies, including the Australian dollar.

The reserves comprise 47 percent U.S. dollars, 41 percent euros, 10 percent British pounds, 2 percent Japanese yen and a small amount in Swiss francs. The central bank has reduced the U.S. currency’s weight from 50 percent of the total in 2006, when euros accounted for 40 percent, with yen and pounds accounting for the rest.

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