The U.S. Federal Reserve on Thursday opened the taps for central banks in nine n...
NEW YORK - The U.S. Federal Reserve on Thursday opened the taps for central banks in nine new countries to access dollars in hopes of preventing the coronavirus epidemic from causing a global economic rout.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis -/File Photopared losses and U.S. Treasury yields mainly fell in morning trade after the Fed announced the swap lines, another in a series of unprecedented actions to keep credit markets from seizing and ensure access to dollars.
It will accept other currencies as collateral in exchange for dollars for at least the next six months to allow the central banks of Australia, Brazil, South Korea, Mexico, Singapore, Sweden, Denmark, Norway and New Zealand access to a total of $450 billion to ensure the world’s dollar-dependent financial system continues to function.
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