According to G20 sources.

EUR/USD rallying on the news. The liquidity would be dispersed across the markets and currencies, so not really sure why this is euro bullish, as Europe would derive the lion’s share of support, one would assume.

Looks like it is a question of cover shorts first, ask questions later.

Stocks and commodity currencies like liquidity talk, no matter the currency, as does gold…

It’s almost as if Mr. Market doesn’t understand that in order to get the liquidity, the shite has to hit the fan first…He’s skipping that first bit… My take on the headline is we’re talking about extending bigger swap lines from one central bank to another in the near-term, not necessarily coordinated QE, or anything of the like, though I’m just reacting to a headline and to past central bank actions in times of stress.

The aim would be to maintain liquidity in the money markets, not to easy monetary policy. Again, in my view.

UPDATE–From the Reuters story:

Their first line of defense probably would be a statement that policymakers are ready to take whatever steps are needed to assure market stability.
This usually is a signal for technical steps to keep cash flowing through the financial system. Currency swap lines already are in place which can be drawn upon to ensure there are enough dollars available if global investors rush into the safety of U.S. assets. Central banks also can hold extra auctions to flood banks with short-term cash via repurchase agreements.