The Federal Reserve said Tuesday it would launch a temporary lending facility that will allow foreign central banks with accounts at the Fed to convert their holdings of Treasuries into dollars, its latest bid to alleviate strains in global markets.

The program will allow foreign central banks and other international monetary authorities who maintain accounts at the New York Fed to enter a lending arrangement called a repurchase agreement, or repo, in which borrowers temporarily exchange their Treasury securities for U.S….

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