Singapore’s central bank warned of “potential dysfunction” in global funding markets and liquidity strains on financial firms that could spill over to banks and companies, amid intensifying risks to international financial stability.
Central banks should step up as market makers of last resort should liquidity stresses emerge that could threaten severe disruptions in core funding markets, the Monetary Authority of Singapore said in an annual review published Friday, referring to the issue as “the most immediate risk” to global financial stability.
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