Central Banks Come Together to Combat Financial Strains

Central banks all over the world are joining forces in an effort to combat the global financial crisis. 

The banks involved include the US Federal Reserve, the European Central Bank (ECB), the Bank of England, and the central banks of Switzerland, Canada and Japan.

The monetary giants aim to provide the US dollar to banks at a cheaper rate in addition to an easier access to other currencies. "This decreases the cost of funding in US dollars or other currencies so it's small, but it's a boost to banks' profitability and gives them a better chance to shore up their capital ratios," said Christian Schulz of Berenberg Bank.