Russia's central bank revealed yesterday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.
Analysts said that 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.
Alexei Ulyukayev, first deputy chairman of Russia's central bank, said that it would invest in Canadian dollar-denominated deposits and bonds.
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