[20200407]IF11498_新冠病毒-19：美联储对外国中央银行的支持.pdf

https:/crsreports.congress.gov April 7, 2020COVID-19: Federal Reserve Support for Foreign Central BanksAs part of the U.S. response to COVID-19, the U.S. Federal Reserve (Fed) has taken steps to ensure that foreign central banks have uninterrupted access to U.S. dollars. First, the Fed established emergency swap lines, or temporary reciprocal currency arrangements, with a broader group of central banks and lowered the interest rate it charges on the swap lines. Swap lines allow foreign central banks to temporarily exchange their currency for dollars with the Fed. When the swap is concluded, the foreign central bank returns the dollars, with interest, to the Fed and the Fed returns the foreign currency. Second, the Fed created a foreign central bank (FIMA) repo facility. The facility, which also charges interest, allows foreign central banks to temporarily exchange their U.S. Treasury securities for U.S. dollars. Background In the U.S. banking system, the Fed serves as the lender of last resort to domestic banks in a financial crisis. In periods of economic turmoil, such as now, during the financial crisis of 2007-2009, and after the September 11, 2001 terrorist attacks, the Fed ha