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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (216230)	1/23/2003 1:52:07 PM
From: mishedlo	Read Replies (1) of 436258

Russia bails on $ story.news.yahoo.com "Adding insult to injury to the dollar is news that the Russian central bank will increase its non-dollar reserves," said Marc Chandler, chief currency strategist with HSBC in New York. "Will other central banks follow and what does this do to the ability of the U.S. to finance its current account deficit?" Mr. Chandler asked. That deficit is currently around 5.0% of gross domestic product and proving to be an increasingly heavy millstone around the dollar's neck. The Russian central bank plans to reduce the share of U.S. dollars in its foreign exchange reserves and increase the share of other currencies, the bank's first deputy chairman, Oleg Vyugin, said Thursday, Prime-Tass news agency reported. Mr. Vyugin said the dollar currently makes up more than 50% of reserves. The central bank's foreign exchange and gold reserves were $47.9 billion as of Jan. 10. The bank didn't mention any specific currency it would like to diversify into.

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