Reuters: Russia to cut holdings of U.S. Treasuries

"Russia on Wednesday pledged to cut the share of U.S. treasuries in its $400 billion reserves, driving the dollar lower on global markets, although it said the move would be gradual and only replace bonds as they expire". "Russia holds around 30 percent of its reserves in treasuries after central bank asset managers last year cut their holdings of riskier assets such as bonds of U.S. agencies Fannie Mae and Freddie Mac". "Alexei Miller, chief executive of Russia's gas export monopoly Gazprom, called at a conference in Italy for a reform of "a system linking oil prices to only one currency" in favor of a multi-currency settlement system".