BIS stats show surge in cross-border lending during pandemic
Most of the money flowed to advanced economies and offshore centres, BIS says
Cross-border bank claims surged amid the “rapidly escalating” Covid-19 pandemic in the first quarter of the year, statistics published today (July 22) by the Bank for International Settlements show.
Non-US banks’ foreign claims on the US leapt by $950 billion, the largest quarterly increase on record, the BIS says in a report on the data.
Claims on advanced economies and offshore centres grew the most, with overall claims on the US rising $705 billion, followed by those on the UK ($606 billion
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