China expands de-dollarization push as global central banks use record amount of yuan

Sutthipong Kongtrakool/ Getty Images The yuan’s use in currency swaps surged to a record amount in the first quarter. That’s as central banks want to move away from the dollar, and deal with domestic difficulties. China has actively been entering into non-dollar agreements to raise the yuan’s global standing. The use of Chinese yuan in foreign-exchange swaps underwent the second-largest quarterly surge at the end of March, as more countries transacted in the currency, Bloomberg reports. In the first quarter, swap line balances accounted for 109 billion yuan, or 20 billion more than the previous quarter, according to cited data…