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Canada and Australia dollars to be reserve currencies

Posted on 17 December 2012

There’s always a difference in the markets between “de facto” (”in practice”) and “de jure” (”in law”), and recent announcements regarding international reserve currencies would seem to reflect that difference. Word came out in mid-November that the IMF is likely to reclassify the Australian dollar and Canadian dollar as “official” reserve currencies. While this is indeed a significant development, it seems more a reflection of reality than a major prospective change.
Foreign exchange reserves are held by most governments as a means of facilitating trade and better managing (and maintaining) credit……………………………………..Full Article: Source


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