Central banks worldwide utilized 111.6 billion yuan ($16.4 billion) from the People’s Bank of China’s (PBOC) currency swap lines in Q1 2026, marking the highest quarterly usage in two years. This represents a 45% increase from Q4 2025's 77 billion yuan. The Bank of Thailand and Bank Indonesia were the largest users, citing domestic currency volatility as the primary reason. The PBOC's swap network, which includes 42 central banks with active lines totaling 3.84 trillion yuan ($540 billion), aims to provide liquidity without depleting foreign reserves and to promote yuan internationalization. Recent extensions of swap agreements with Brazil and Argentina further expand its reach. Despite a slight dip in March, the quarterly total remained high, reflecting ongoing global financial uncertainties.