Central Banks Tap Most Yuan Swap Lines With PBOC in Two Years

Global central banks’ use of the People’s Bank of China’s 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 ($16.4 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 Monday. The 17.4 billion yuan increase from the previous three-month period marked the steepest quarter‑on‑quarter rise since 2023, Bloomberg calculations show.