Fed expands network of swaps to emerging markets
Emerging markets will now have direct access to a dollar backstop, but it is still limited
The Federal Reserve has expanded its network of swap lines for the first time since the 2008 financial crisis, including to some emerging markets, but questions remain over whether it will be enough.
Today (March 19), the Fed extended swap lines to the central banks of Australia, Brazil, Denmark, Korea, Mexico, Norway, New Zealand, Singapore and Sweden.
Unlike the swap lines held by Canada, the eurozone, Japan, Switzerland and the UK, which have no set upper limit, the new lines do have limits
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