Swap lines with PBoC outnumber those with ECB by factor of three
Benchmark respondent complains of limited access to dollar swaps
The European Central Bank’s network of liquidity lines reaches far fewer central banks than those of the People’s Bank of China, data from the Reserves Benchmark 2026 reveals.
Of the 59 non-eurozone central banks reporting data, 13.6% have a euro liquidity line, four with a repo line and four with a swap line. For renminbi, 20.3% have a swap line, but no respondents report access to a repo facility.
Around half have no cross-border liquidity lines in US dollars, euro or renminbi. Forty-two per
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