Central banks continue to plug markets

On Friday, central banks around the world engaged in an orchestrated effort, initiated by the European Central Bank (ECB) and the Federal Reserve a day earlier, to keep money markets afloat amidst wide-spread fears of a global credit crunch.

Following on the record-breaking interventions by the ECB on 9 August on stabilise the overnight money rate, central bankers around the world stepped in to provide liquidity to shaky money markets on Friday.

The ECB on Thursday intervened in European money

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