FX Swaps market
The swaps market is where financial institutions exchange swaps. An FX swap is an agreement between two foreign parties to swap interest payments on a loan made in one currency for interest payments on a loan made in another currency.
A foreign currency swap can involve exchanging principal, as well. This would be exchanged back when the agreement ends. Usually, though, a swap involves notional principal that's just used to calculate interest and isn't actually exchanged.
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