Chinese banks purchased the most foreign exchange from their customers via FX swaps in January, reaching $50.9 billion, the largest ever.

Exporters are waiting for better exchange rates and larger returns on their dollar investments by using the swap market instead of selling directly in dollars.

The increased interest in using FX swaps coincides with the widening yield differential between the two largest economies in January, as market players delayed US interest rate decreases to strengthen the currency.

This trend is likely to persist for longer, as the yield differential between U.S. Treasuries and China’s benchmark 10-year government bonds increased to 185 basis points.