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11 Jun, 2009 06:54

Russia looks to IMF bonds as greenback appeal wanes

The U.S. dollar and U.S. Treasuries declined after Russia said it would buy $10 billion worth of IMF's first-issued bonds, moving out of US debt.

This is the latest move in Russia's attempt to diversify reserves away from the greenback. Brazil said it would also buy $10 billion and China $50 billion dollars worth of IMF bonds.

The Benchmark 10-year yield climbed to the highest level since October to just under 4 percent, while the dollar slipped to 1.4 to the euro.

RT spoke with Chris Weafer, Chief strategist at Uralsib, about the calls for a new global reserve currency, how this impacts on the crude oil price, and what the implications for the Russian Rouble are.