The Federal Reserve’s decision to lend Mexico, Brazil, South Korea and Singapore $30bn each marks both the spread of the financial crisis to the emerging world and the increased global significance and maturity of these economies.

The move is a response to the intense demand for dollars on the part of banks and companies outside the US, which extends beyond the industrialised world to many emerging nations. The Fed is seeking to address these needs and promote global economic stability in partnership with the International Monetary Fund.