The clearing house reduced the costs of clearing and settling the interbank obligations arising from the collection of checks and banknotes, and thereby made feasible the daily settlement in specie of each bank’s multilateral net claim on, or obligation to, the other banks in the clearing house.
As for central banks’ actions, the enhancement of the U.S. dollar operations is the outcome of international cooperation. Although the details and size of the responses to the current crisis vary among central banks, they are based on two common perspectives. One is ensuring smooth corporate financing through funds-supplying measures to support lending and purchases of CP and corporate bonds.