Major central banks take co-ordinated action

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Major central banks cut the rate charged to banks to receive temporary dollar funding on Wednesday, in a co-ordinated action to enhance their capacity to provide liquidity support to the global financial system.

The Federal Reserve – in collaboration with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank – agreed to lower the rate charged on temporary US dollar liquidity swap arrangements to 50 basis points above the US dollar overnight index swap

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