Global central banks’ use of reminbi swap lines hits 2‑year high amid rising demand for China’s currency
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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 indicates growing international demand for the renminbi and highlights China's efforts for currency internationalization. As of 2025, China has established swap lines with 32 countries, totaling 4.52 trillion yuan, reflecting a shift towards reducing reliance on the US dollar.
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