China, Russia might buy Canadian dollars, official says

12/23/2009 | Bloomberg Businessweek

There is a good chance that China and Russia will start buying Canadian dollars to protect their foreign reserves against further losses from the plummeting U.S. dollar, said Canadian Finance Minister Jim Flaherty. "It does not surprise me that China and Russia would take greater positions in the Canadian dollar than they have previously," Flaherty said. "I would expect countries looking around the world to invest in market currencies that are reliable." Canada's dollar has increased 15% in value against the U.S. dollar this year.

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