Top central banks to provide dollar liquidity

The world’s top central banks announced Thursday that they will provide additional dollar loans to commercial banks in a move seen as a response to growing fears of a European credit crunch triggered by the euro-zone’s sovereign debt crisis. The European Central Bank, the Bank of England, Bank of Japan, and the Swiss National Bank announced they will each conduct additional dollar tenders in an effort to provide liquidity through the end of the year. The central banks said the auctions are coordinated with each other and the U.S. Federal Reserve.