Global central banks tap most yuan swap lines with China in two years

Published Tue, May 12, 2026 · 10:05 AM

[BEIJING] Global central banks’ use of the People’s Bank of China’s (PBOC) swap lines reached a two‑year high in the first quarter, underscoring rising international demand for the Chinese currency.

By the end of March, central banks worldwide had drawn a total of 111.6 billion yuan (S$21 billion) from the PBOC’s foreign‑exchange swap lines, the highest level since March 2024, according to the Chinese central bank’s quarterly report released late on Monday (May 11).

The 17.4 billion yuan increase from the previous three-month period marked the steepest quarter‑on‑quarter rise since 2023, Bloomberg calculations show.

The swap line is a key tool for supplying yuan to the global financial system, allowing local institutions to access liquidity through their own central banks to support trade and investment.

The latest increase highlights China’s drive for yuan internationalisation and countries’ increasing openness to reduce reliance on the US dollar.

As of the end of 2025, China had signed currency swap lines with 32 countries and regions, totaling 4.52 trillion yuan, according to the central bank’s data. BLOOMBERG