Singapore, 12 May 2026 – Global central banks increased their use of renminbi swap lines to the highest level in two years, reinforcing China’s push to internationalise its currency and reduce reliance on the US dollar in cross-border finance.
By the end of March, central banks had drawn 111.6 billion yuan, equivalent to about S$21 billion or RM64.58 billion, from the People’s Bank of China’s foreign-exchange swap lines. The amount was the highest since March 2024, according to the Chinese central bank’s latest quarterly report.
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