Global Central Banks Announce Joint Action to Shore Up US Dollar Flow Amid Market Turmoil

Following the recent collapse of several US financial institutions, including Silicon Valley Bank, jitters heightened about a liquidity crunch when investment bank Credit Suisse’s share price plunged nearly 30%. On March 19, Switzerland's biggest bank, UBS, said it was going to acquire Credit Suisse for 3 billion Swiss francs ($3.2 billion).