Major central banks phase out dollar liquidity operations
The European Central Bank (ECB), Bank of England, Bank of Japan (BoJ) and Swiss National Bank today announced plans to "gradually reduce" the number of operations used to provide US dollar liquidity to the markets.
They began providing dollar liquidity through one-week operations in 2010 and, a year later, introduced additional three-month operations as they sought to alleviate tensions in money markets.
Now, however, dollar funding conditions have "improved considerably" as markets have
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