Central bank injections reduce borrowing costs

Central banks' attempts to narrow the spread between their benchmark and money market rates by offering funds at attractive costs have met with some success.

After dropping 54 basis points from 4.94% on Monday to 4.4% on Tuesday, following the European Central Bank's offer of unlimited 16-day loans at below market rates on Monday night, euro interbank rates for two-week borrowing edged up on Wednesday.

London interbank offered rates (Libor), a measure of the average cost of interbank borrowin

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