Central banks around the world have said they’ll boost the flow of U.S. dollars into the global financial system. Here’s why

Piles of U.S. dollars are pictured. (Credit: Phil Ashley—Getty Images)

Six major central banks have come together to boost the flow of U.S. dollars worldwide, as financial markets digest a tumultuous few weeks for the global banking sector.

The Federal Reserve and five other central banks—the Bank of England, the Bank of Japan, the European Central Bank, the Bank of Canada, and the Swiss National Bank—announced on Sunday that they would work together to increase the availability of U.S. dollar funding throughout the global financial system.