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TORONTO, Oct 7 (Reuters) - The Bank of Canada said on Tuesday it will not participate in coordinated central bank actions aimed at increasing U.S. dollar liquidity.
The central bank said it welcomes central bank initiatives to provide U.S. dollar liquidity but felt it was not necessary for it to participate in the auctions at this time.
"The Bank of Canada continues to closely monitor global market developments and remains committed to providing liquidity as required to support the stability of the Canadian financial system and the functioning of financial markets," the bank said in a statement.
The Bank of Canada's decision came as other central banks announced dates for forward U.S. dollar auctions to prevent additional market strains over the year end.
The U.S. Federal Reserve, European Central Bank, Bank of England and Swiss National Bank were among the other central banks taking part in the actions to prevent additional market strains over the year end.
Scheduling of the forward auctions is tentative and may be adjusted in response to financial market conditions, the Bank of Canada said.