Swap Lines and the Weaponization of Finance

In this paper, we discuss:

• The growing transformation of swap lines from technical liquidity tools into instruments of geopolitical and financial statecraft;
• The selective nature of access to dollar liquidity and its link to US strategic alliances and monetary hierarchy;
• China’s expansion of an alternative RMB-based liquidity architecture through bilateral swap lines and financial infrastructure;
• The UAE’s strategic positioning between USand Chinese monetary systems amid intensifying geopolitical competition;
• The increasing fragmentation and politicisation of global finance, with liquidity provision becoming tied to competing spheres of influence.

Download PDF: Swap Lines – May 2026