Central banks in Europe, Asia and the U.S. injected more cash into their country’s banking systems today to help calm the market and exchange traded funds (ETFs) concerned about the tightening credit crunch and continuing housing market problems.
The European Central Bank added $370.6 billion to its market, Japan gave $7.01 billion today in addition to the $8.71 billion it added yesterday and the U.S. injected another $3.75 billion in the latest of its transfusions that total more than $100 billion since last week, according to Matt Moore for the Associated Press. Other central bank injections for today included:
- The Reserve Bank of Australia added $3.64 billion to its banking systems.
- The Bank of England added $622.3 million to its banking systems, which marks its first emergency intervention.
Seemingly impervious to the U.S. subprime disease, China’s central bank had to raise its benchmark deposit and lending rates for the fourth time this year to curb inflation amid its flourishing economy. China’s economy has grown 11.9% in the latest quarter and the Shanghai benchmark stock index closed at its eighth record-high close this month today, the Associated Press reports.
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