Reuters has reported that the Russian C/Bank had shifted down its intervention level to 33.55 Roubles/Basket from 33.60 after buying around $700mln quoting dealers. If Asia is anything to go buy those US Dollars will fall into the unwanted category (reserves already contain too many US Dollars) and as such they will be recycled into other currencies. Whilst Euro, GBP and JPY are “dogs” perhaps they will buy some more CAD – not sure whether they have the authority to buy AUD.