US Treasury Secretary: Gulf and Asian allies have requested the establishment of a US dollar swap line.

The United States is considering providing currency swap lines to the United Arab Emirates and other Gulf and Asian allies, whose economies have been impacted by Trump's policies towards Iran. Treasury Secretary Bezanet said on Wednesday that these swap lines, whether from the Federal Reserve or the Treasury Department, are aimed at maintaining order in the US dollar funding market and preventing US assets from being sold in an uncontrolled manner. Bezanet made these remarks at a hearing of the Senate Appropriations Committee. The day before, Trump confirmed reports that the US was considering establishing swap lines with the UAE. Bezanet stated that any such arrangement would benefit both the UAE and the United States. He did not specify which other countries had made requests. UAE Ambassador to Washington Yousef Al Otaiba stated that any suggestion that the UAE needs external financial support is a misinterpretation of the facts. A source familiar with the UAE's thinking referred to the swap lines as an "emergency measure." This is about building confidence and showing that the UAE is one of the most trusted economies, similar to Japan and Europe, and the US is categorizing the UAE in this group.