XPost: misc.invest.canada, soc.culture.canada, can.atlantic.general 
 XPost: can.general, can.politics 
 From: gregpcarr@yahoo.ca 
  
 On Tue, 20 Nov 2012 19:00:48 -0800, abc  wrote: 
  
 >IMF considering loonie as reserve currency 
 > 
 >Anchalee Worrachate and John Detrixhe, Nov 19, 2012 
 > 
 >The Canadian dollar, nicknamed the loonie for the image of aquatic bird 
 >on the $1 coin, has gained 2.5% against the greenback this year. 
 > 
 >The International Monetary Fund said it€s considering classifying the 
 >Australian and the Canadian dollars as reserve currencies. 
 > 
 >The two €are to be considered for inclusion€ separately in the IMF€s 
 >€Currency Composition of Official Foreign-Exchange Reserves€ data, the 
 >Washington-based lender said in a report published on Nov. 14. They€ve 
 >previously been included in an €other currencies€ category in the COFER 
 >reports. 
 > 
 >The Australian and Canadian economies have been much more stable than the 
 >top economies in the post-financial-crisis era 
 >The IMF plan comes as Australia and Canada have shown more signs of 
 >stability in the fallout of the 2008 financial crisis than the world€s 
 >biggest developed economies. While the U.S., to the U.K. to Japan have 
 >been coping with increasing debt loads, deficits in Canada and Australia 
 >are forecast to be below 5% of gross domestic product in 2012 and are 
 >expected to shrink. 
 > 
 >€It really helps to cement the stability of these currencies,€ Ravi 
 >Bharadwaj, a market analyst in Washington at Western Union Business 
 >Solutions, a unit of Western Union Co., said in a telephone interview. 
 >€The Australian and Canadian economies have been much more stable than 
 >the top economies in the post-financial-crisis era.€ 
 > 
 >The Australian budget is forecast to show a surplus that is 0.1% relative 
 >to GDP next year, after a 3% deficit in 2012, according to the median 
 >estimate of economists surveyed by Bloomberg. Canada€s may shrink to a 
 >0.6% deficit from 1.2%. The U.S. shortfall relative to GDP is forecast to 
 >contract to 5.7% from 7%. 
 > 
 >Risk Appetite 
 > 
 >€The Canadian and Australian dollars have been appreciating today, and 
 >that€s partly to do with the better- than-expected appetite for risk that 
 >we€re seeing across all sectors of financial markets,€ Bharadwaj said. 
 >€The Aussie€s gain seems particularly strong and also based on the IMF 
 >decision to raise it to reserve status.€ 
 > 
 >The Aussie climbed 0.6% to US$1.0404 as 12:39 p.m. in New York after 
 >gaining as much as 0.8%, the most since Nov. 6. The Canadian currency 
 >advanced 0.5% to 99.65 cents per U.S. dollar. 
 > 
 >The Canadian dollar, nicknamed the loonie for the image of aquatic bird 
 >on the $1 coin, has gained 2.5% against the greenback this year, while 
 >the Aussie has rallied 2%. Australian government bonds have returned 5.9% 
 >in 2012, compared with 2.6% for Canada€s debt and 2.8% for Treasuries, 
 >according Bank of America Merrill Lynch indexes. 
 > 
 >€Others€ Rise 
 > 
 >€Elevating the Aussie and loonie to reserve status certainly helps to 
 >ascertain how global central banks are diversifying their currency 
 >holdings,€ Bharadwaj said. 
 > 
 >The share of global foreign-exchange reserves denominated in so-called 
 >other currencies rose to 5.3% in the second quarter, from 2% in 2007, 
 >according to IMF data published in September. The percentage of reserves 
 >denominated in U.S. dollars was 61.9% in the second quarter. 
 > 
 >The IMF also counts the euro, the yen, the British pound and the Swiss 
 >franc as reserve currencies with separate data points in the COFER 
 >reports. 
 Thanks for the post. This is a good endorsement of CDN economic policy 
 and the Harper Tories. 
  
 --- SoupGate-Win32 v1.05 
  * Origin: you cannot sedate... all the things you hate (1:229/2)