Vice-President of the European Central Bank Luis de Guindos, speaks to Spanish TV – European fiscal response to crisis needed – ECB can always do more – ECB will prevent economic crisis becoming financial

Daly is President of the Federal Reserve Bank of San Francisco.  Volatility in US markets was down Thursday. Seems premature to spring to too much of a conclusion, but take what you can I guess.

. With half gone in a week the Federal Reserve will have to substantially increase the size of their commitment.  Wall Street Journal report ForexLive

Reserve Bank of Australia to buy 5bn AUD of Australian government bonds  – maturities between 2 and 8 years Other news: ForexLive

People's Bank of China accelerating their weakening of the onshore yuan mid rate.  Weakest for the reference rate for 12 years ForexLive

1 year and 5 year LPRs unchanged – 4.05% and 4.75% respectively  Median consensus expectations were for both to fall 5bps ForexLive

The Federal Reserve and the Reserve Bank of Australia will establish a US$60 billion swap line – to provide US dollars in exchange for Australian dollars From an RBA statement.

First round of bond purchases by the RBA, the full A$5 billion done ForexLive The purchases are spread across government bonds between two to eight year tenors.

Reuters report The Bank of England says it will hold an extraordinary meeting today. ForexLive

Breaking news from the BOE The BOE lowers rates to 0.10% from 0.25%. The BOE says it will increase holdings of government bonds (new  QE).  The vote was unanimous and the MPC says it will do more if necessary.