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Central banks are preparing to pump coordinator for the dollar if it gets out of Britain's Union

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rocky
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Central banks are preparing to pump coordinator for the dollar if it gets out of Britain's Union

Post by rocky on Fri 17 Jun 2016, 5:38 pm

Central banks are preparing to pump coordinator for the dollar if it gets out of Britain's Union

6/17/16

TOKYO: Japan 's Nikkei business daily reported that the central banks in Europe and the United States and Japan began discussing a move being consultation between them to inject liquidity to the dollar in the event of Britain came out of the European Union.
Without mention sources, the newspaper said the European Central Bank and the US Federal Reserve the Japanese central bank may put an emergency mechanism to feed the market to the dollar in order to avoid shortage in the low price of the pound sterling, if British citizens decided to exit from the European Union in a referendum on June 23.
The polls are likely win supporters out of the Union, while the authorities are afraid of major disruptions in the markets. The Nikkei newspaper said that "facilitate the availability of the dollar would be a safety factor to contain these doubts if the worst happened."
A spokesman for Japan's central bank, told AFP that "there is an exchange mechanism (Swap) between a number of central banks, including the Bank of Japan. In this context, we believe liquidity in dollars every week for the markets."
He added about the implications of a possible exit of Britain from the EU on the markets that "the Bank of Japan to maintain close contact with other central banks and we can not add anything."
The newspaper said the likely strategy will be the use of "swap" these mechanisms in dollars between the US Federal Reserve and the central banks of Japan, Canada and Europe.
She added that the Bank of Japan, which provides dollars to the weekly financial institutions, then will examine the possibility of doubling this type of operation "for several consecutive days," pointing out that "the European Central Bank and the Bank of England is likely to discuss specific measures with the Federal Reserve."
She said the Group of Seven richest countries leaders may issue a declaration on pumping liquidity in dollars in an emergency if Britain out of the European Union.
The president of the Federal Reserve Janet Whelan said Wednesday that Britain out of the EU will affect the global economy and financial conditions throughout the world.
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