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

Global central banks' use of the People's Bank of China's (PBOC) swap lines reached a two-year high in Q1, with 111.6 billion yuan drawn, marking a 17.4 billion yuan increase from the previous quarter. This rise reflects growing international demand for the yuan and China's efforts to internationalize its currency, as countries seek to reduce reliance on the US dollar. By the end of 2025, China had established currency swap lines with 32 countries, totaling 4.52 trillion yuan.