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US dollar shortage in March threatened to spark off another financial crisis

Tightness in greenback - not seen even in global financial crisis - led MAS to weigh contingencies for fresh meltdown

Mr Menon said the US Fed's timely use of swap lines, which were "very creative new facilities", helped to stabilise markets. Capital outflows in some regional economies at that point in March also abated.


THE severe stresses in the global financial markets in just about two weeks in March were enough for the Monetary Authority of Singapore (MAS) to dust off contingency plans for another financial crisis.

It gives a sense of the "great anxiety and stress" that reflected a...

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