China has emerged as a lender of last resort for developing countries, increasingly using the central bank’s global swap line network as a key rescue mechanism, according to a new study.

China spent $240 billion bailing out 22 developing countries between 2008 and 2021, researchers say, including major beneficiaries like Argentina, Pakistan, Mongolia and Egypt.

The People’s Bank of China alone channelled $170 billion to overseas central banks via its bilateral swap lines. Chinese state-owned