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Central Banks Tap Renminbi Swap Lines at Two-Year High as China’s Currency Demand Rises

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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Author

  • Rebecca Hsu is a Senior Economist and Lead Analyst for The Ledger Asia, focusing on the rapidly evolving financial landscapes of East and Southeast Asia. With a background in sovereign risk assessment and emerging market trends, Rebecca provides sharp commentary on trade dynamics, monetary policy, and the digital economy's impact on regional growth.

    Formerly a strategic advisor for major financial institutions in Hong Kong, she excels at translating complex macroeconomic shifts into actionable insights for investors and policymakers. Her work at The Ledger Asia centers on China’s economic transition and the burgeoning manufacturing hubs of ASEAN, ensuring readers stay ahead of Asia’s shifting financial tides.

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