PBoC swap lines now key international bailout tool

Researchers say PBoC extended support worth billions of dollars to Belt and Road countries

pboc building
The People’s Bank of China

China has emerged as a lender of last resort for developing countries, increasingly using the central bank’s global swap line network as a key rescue mechanism, according to a new study.

China spent $240 billion bailing out 22 developing countries between 2008 and 2021, researchers say, including major beneficiaries like Argentina, Pakistan, Mongolia and Egypt.

The People’s Bank of China alone channelled $170 billion to overseas central banks via its bilateral swap lines. Chinese state-owned

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