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.
One-hundred yuan banknotes arranged in Shanghai, China, on Tuesday, Jan. 7, 2025. China maintained a tight grip on the yuan with its daily reference rate, as an overnight rally in the dollar threatened to derail sentiment toward the managed currency and its Asian peers.
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