# Central Banks Compete as Lenders of Last Resort

Major central banks other than the Federal Reserve will keep extending swap and repo lines to foreign banks and central banks, so the crisis-time lending role that anchors the dollar becomes contested and foreign demand for dollar reserves erodes gradually.

- Conviction: 40 / 100 (forming)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-10-21T00:00:00.000Z
- Last updated: 2026-10-21T06:11:16.656Z
- Canonical: https://polylog.news/trends/liquidity-lines-reserve-competition
- Publisher: Polylog
- Affected regions: Global

## Recent evidence

- [confirms] ECB chief economist Philip Lane makes the case in China for euro liquidity lines (2026-10-21): ECB chief economist Philip Lane argued in China for euro liquidity lines, following a three-year extension to October 2028 of the ECB's €45 billion euro-renminbi swap line with the PBoC. This is a non-Fed central bank openly marketing itself as a crisis-time lender to a major foreign counterparty.