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「How are the swaps structured?」
The Federal Reserve provides U.S. dollars to a foreign central bank.
At the same time, the foreign central bank provides the equivalent amount of funds in its currency to the Federal Reserve,
based on the market exchange rate at the time of the transaction.
The parties agreed to swap back these quantities of their two currencies at a specified date in the future,
which is the next day or as far ahead as three months, using the same exchange rate as in the first transaction.
Because the terms of this second transaction are set in advance, fluctuations in exchange rates
during the interim do not alter the eventual payments.
Accordingly, these swap operations carry no exchange rate or other market risks.