Central Banks Use Record Amount of Yuan Via PBOC Swaps
- Move comes as more countries seek to reduce reliance on dollar
- Yuan’s international status has risen in recent months
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Global central banks tapped a record amount of the Chinese currency in foreign-exchange swap lines in the first quarter, in another indication of the yuan’s growing international status.
The outstanding balance of all foreign currency swaps was 109 billion yuan ($15.6 billion) at the end of March, according to data released by the People’s Bank of China on Monday. That was 20 billion yuan more than the level at the end of 2022, the second-biggest quarterly jump on record. The PBOC didn’t break down which nations had used the facility.