Financial markets faced significant stains as the economic implications of the Covid-19 pandemic became clear in March. Widespread ‘risk-off’ behaviour from investors, including in markets usually deemed ‘safe heavens’, such as the US Treasuries market, contributed to a fall in market liquidity. Many advanced-economy central banks were forced to redeploy instruments established during the global financial crisis to inject liquidity into the system. However, some emerging- and developing-market