Reserve managers avoid Bric currencies despite increase in risk appetite

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The depreciation of leading reserve currencies is prompting central banks to diversify portfolios into less traditional markets, but they are still shy of investing in emerging markets, particularly the Bric currencies – the Brazilian real, Russian ruble, Indian rupee and Chinese yuan – according to an annual survey published by Central Banking Publications yesterday.

The survey, carried out in February, is the ninth in a series of annual reviews of reserve management, and draws on responses

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