A mix of the old and new for central banks

While leading central banks around the world on Monday took similar steps to those seen in recent months to inject liquidity into fear-ridden money markets, the American authorities' response to the latest shocks signals a distinct shift in policy.

On the one hand, the response from central banks on Monday to the latest upheaval closely resembles the kind of steps taken in recent months to remove interbank tensions. The central banks in leading financial markets sought to soothe tensions in o

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