Germany, you don't have access through your banks to the same Fed window. So thankfully, the Federal Reserve has rushed to try and plug that gap by providing dollars to other central banks around the world that they can then lend on to their own banks and by default the companies. But the question that's hanging over the markets right now is whether that emergency action is going to be sweeping enough and fast enough to prevent any shocks in the dollar funding markets. So you're talking about dollar swap lines. One of the things that came to my mind when I was thinking about this is that to my knowledge at least, there aren't any swap lines open with the people's bank of China. And Chinese companies have huge dollar funding needs. Has the FT done any reporting on this? What's the situation there exactly? Well, there's two problems in terms of assessing what the potential scale of dollar stress in China is. One is that there's a huge amount of opacity around this. And a lot of this has (13/43)
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