Central banks around world move to boost flow of cash amid confidence concerns

Coordinated action echoes steps taken to offset the impact of the Covid-19 pandemic in 2020 and to shore up the system after the GFC

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Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, have moved to bolster the flow of cash around the world.

In coordination with central banks elsewhere, the US Federal Reserve offered daily currency swaps to ensure banks in Canada, Britain, Japan, Switzerland and the euro zone would have the dollars needed to operate.