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The Fed and other major central banks used coordinated swap lines to provide more global US dollar liquidity as dollar funding markets came under stress from COVID-19. The piece describes how swap agreements work and reviews past crisis programs.
It also lists features countries consider when entering a swap line.
Swap lines ease dollar funding shortages that can force selling of assets and commodities. Stabilized dollar liquidity reduces the risk of a sudden dollar spike that would hurt dollar-priced commodities.
som.yale.edu2020年3月26日在过去 41 次政策事件之后，美元(广义) 在 5 个交易日内中位数变动 -0.2%（44% 上涨；中间一半区间为 -0.6% 至 +0.4%），20 个交易日内为 +0.3%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
Expanded central bank swap lines supplied dollar liquidity and reduced the scramble for dollars.
Coordinated central bank swap lines expanded dollar liquidity on the same date, easing the dollar funding squeeze and reducing safe-haven dollar demand.
