TORONTO - The Canadian dollar edged closer to parity with the U.S. currency on Wednesday, following news that the Russian central bank will invest in the loonie and diversify away from the greenback in a move that could indicate a global trend.
The Russian central bank said it plans to invest some of its foreign exchange reserves in the loonie to reduce exposure to the U.S. dollar.
John Whalley, a distinguished fellow in global economics with The Centre for International Governance Innovation, said the Russian announcement could indicate the beginning of global change toward diversification.
"This diversification I think is going to increase...
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