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Central banks scale back dollar lending operation as demand drops
By Martin Arnold and Eva Szalay
Financial Times, London
Thursday, August 20, 2020
Four leading central banks have further scaled back the U.S. dollar liquidity they offer via emergency swap lines with the Federal Reserve, in the latest illustration of the global financial system's recovery from the market panic caused by coronavirus earlier this year.
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The European Central Bank, the Bank of England, the Bank of Japan, and the Swiss National Bank said Thursday that they would offer short-term dollar funding via the Fed’s swap lines only once a week, instead of three times, because of "continuing improvements in U.S. dollar funding conditions and the low demand" at recent auctions.
This is the second time central banks have scaled back their efforts to channel dollars cheaply into their domestic economies. In June they cut back the auctions from every day to three times a week. ...
... For the remainder of the report:
https://www.ft.com/content/210ef737-2628-4431-bd6b-456aa65b2024
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