March 20, 2020 / 2:20 PM / 17 days ago

BoE takes part in international action to boost dollar liquidity

FILE PHOTO: A man, wearing a protective face mask, walks in front of the Bank of England, following an outbreak of the coronavirus, in London, Britain March 11, 2020. REUTERS/Henry Nicholls/File Photo

LONDON (Reuters) - The Bank of England said on Friday it would join with other central banks in increasing the frequency of auctions of 7-day U.S. dollar funds to daily from weekly, through to at least the end of April.

The BoE is acting with the U.S. Federal Reserve, European Central Bank, Bank of Japan, Bank of Canada and Swiss National Bank.

“The swap lines amongst these central banks ... serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses, both domestically and abroad,” the BoE said.

Reporting by David Milliken and Guy Faulconbridge, editing by Andy Bruce

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