Over the weekend, UBS said it will buy Credit Suisse for 3 billion francs ($3.2 billion) and assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities.
Central banks including the Fed, the European Central Bank and Bank of Japan pledged to deepen support for liquidity, by increasing the frequency of seven-day dollar-swap operations from weekly to daily.
"The best we can say was there are certainly a lot of concerns about Credit Suisse contagion risk," said Rodrigo Catril, a senior currency strategist at National Australia Bank in Sydney.
"The news overnight from Switzerland has helped," he said, though added that the central bank moves had also drawn attention to how deep troubles may run.
It's great we're seeing this concerted effort from central banks, and it's positive, but it does also highlight how troubling the circumstances are and how worried central banks appear to be as well."