Central banks step up dollar liquidity support
But initial auction results show little evidence of pressure on dollar funding
Six of the world’s largest central banks announced co-ordinated action on March 19 to supply US dollar liquidity, aiming to counteract a possible liquidity crunch following the rescue of Credit Suisse.
The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve and Swiss National Bank each announced they would move from weekly to daily operations to supply dollars.
They stated their aim is to enhance liquidity “via the standing US dollar liquidity swap line
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