FX swap spreads tighten after central banks take coordinated action
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LONDON (Reuters) - Currency swap spreads, which have jumped as companies and banks scrambled for dollar funding, eased on Friday after global central banks agreed to increase the frequency of their one-week U.S. dollars credit facility. Central banks worldwide have already slashed interest rates and pumped billions of dollars into the financial system in recent days to prevent it from seizing up. They announced on Friday that they would increase the frequency of their dollar funding operations..