Top Central Banks Move to Avoid Global Liquidity Crunch

(REUTERS) - Central banks from the world's leading developed economies said on Wednesday they'll take coordinated steps to prevent a lack of liquidity in the global financial system.

The U.S. Federal Reserve, the European Central Bank and the central banks of Canada, Britain, Japan and Switzerland said in a joint statement they had agreed to lower the cost of existing dollar swap lines by 50 basis points from Dec. 5, as well as take other measures.