By David Marsh, MarketWatch
LONDON (MarketWatch) — The Australian and Canadian dollars, the world’s leading commodity-rich currencies, are being formally classified as official reserve assets by the International Monetary Fund, marking the onset of a multi-currency reserve system and a new era in world money.
"In a seemingly innocuous yet highly portentous move, the IMF is asking member countries from next year to include the Australian AUDUSD -0.27% and Canadian dollars USDCAD +0.12% in statistics supplied by reserve-holding nations on the make-up of their central banks’ foreign exchange reserves. The technical-sounding measure, reflecting growing diversification of the world’s $10.5 trillion of reserves, is likely over time to exert wide-ranging impact on world bond and equity markets. ..."