The Federal Reserve gave central banks in Japan, the eurozone, the UK, Switzerland and Canada the $180bn to lend on to local banks that cannot access its onshore dollar lending facilities, at least temporarily stopping the crisis from lurching further out of control.
The central banks said they were taking “co-ordinated measures designed to address the continued elevated pressures in US dollar short-term funding markets”. They promised to “continue to work together closely” and to take “appropriate steps to address the ongoing problems”.
The flood of dollars had some success in bringing down overnight borrowing rates that had hit extraordinary levels on Wednesday and brought barometers of systemic stress back from historic highs.
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