Beijing, 12 May 2026 – Global central banks increased their use of the People’s Bank of China’s yuan swap lines to the highest level in two years during the first quarter, signalling stronger international demand for renminbi liquidity as countries navigate currency pressure, trade shifts and a more uncertain global financial environment.
By the end of March, central banks worldwide had drawn a total of 111.6 billion yuan, or about US$16.4 billion, from the PBOC’s foreign-exchange swap lines. This was the highest level since March 2024, according to the Chinese central bank’s quarterly report released late Monday. The increase of 17.4 billion yuan from the previous three-month period also marked the steepest quarter-on-quarter rise since 2023.
Unlock the Full Article
This article is exclusive to The Ledger Asia Subsribers / PAID members.
Already have an account? Log in here
