The major central banks, in consultation with the Fed, jointly decide to reduce further the frequency of 7-day operations
The frequency of 7-day dollar operations will be reduced from three times per week to once per week, while the 84-day operations will still continue to be offered weekly. The changes will kick into effect from 1 September. This follows the change from June here.
The major central banks do reaffirm though that they stand ready to re-adjust the provision of dollar liquidity as they see fit based on market conditions.
Just be reminded that these swap lines have largely helped with calming the market down and alleviating funding stress and a liquidity crunch back in late March and early April.
But with market conditions a lot calmer at the moment, they are slowly being weaned off so just be mindful that the "insurance" in the market is slowly taken out.
That said, you can be rest assured that they will be quickly reinstated should we see a repeat of the March meltdown across multiple asset classes in the market.
