AUD's inclusion in IMF COFER likely a lagging indicator

The suggestion by the International Monetary Fund (IMF) that the Australian dollar could in future be included in reporting of the currency composition of foreign exchange reserves (COFER) is more likely to be a sign of the currency's increased use in global reserves than a driver of future buying. In addition, market sources say reserve managers have been aware of the IMF's thinking for some months and any demand impact is mostly played out.