swap lines

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Central bank liquidity swaps (13) 115,299 – 6,291

Fed advances to CB’s continues to fall

indicating foreign banks are increasingly able to borrow dollars in the market place.

If the remaining dollar loans to the ECB do become problematic,

it opens the door for the ECB to sell euro vs the dollar to pay down its loans.

It would do this if it wanted the euro weaker, perhaps to assist its exporters.

It would not be building dollar reserves, only paying down loans, so

there would be no ideological issue.