What is a Foreign Exchange Swap and How does it Work?
For instance, given the hundreds of billions of swaps of yen for dollars by Japanese banks, the Japanese authorities have encouraged their banks to extend the maturities of their swaps (Nakaso 2017). Schrimpf, A and V Sushko (2019a), “Sizing up global foreign exchange markets”, BIS Quarterly Review, December, pp. 21–38. US non-banks have sold only
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