David Rosenberg supports loonie as reserve currency - Financial Post

David Rosenberg is throwing his support behind the Canadian dollar being included as a reserve currency at the IMF.

The chief economist and strategist at Gluskin Sheff + Associates noted that the loonie has already become a de facto global currency as central banks continue to add Canadian dollars to their reserve portfolios.

He said this reflects Canada?s growing importance in the global economy, its prudent monetary policy, a truly AAA sovereign rating and a pro-business majority government.

?However, this move will go beyond symbolism as it will make official the Canadian dollar as international reserves, and the status upgrade from the IMF will certainly boost more global asset diversification into Canada, which will further strengthen the CAD value in our view,? Mr. Rosenberg said in Wednesday?s Breakfast with Dave.

He expects this will be particularly evident if the IMF includes the Canadian and Australian dollars to its SDR (Special Drawing Rights) basket in its next review.

In a Nov. 14 report, it said the two currencies will be considered separately for Composition of Foreign Exchange Reserves (COFER) data, which currently includes only the U.S. dollar, euro, British pound, Japanese yen and Swiss franc.

The Canadian and Australian currencies are currently included in the IMF?s ?other currencies? category, which rose to 5.3% of global foreign exchange reserves in the second quarter, up from 2% in 2007.

Source: http://business.financialpost.com/2012/11/22/david-rosenberg-supports-loonie-as-reserve-currency/

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