Global cross-border bank claims changed little during the second quarter of 2024. Claims dropped by a modest $11 billion following a surge in the previous quarter. Cross-border bank credit (ie loans and holdings of debt securities) rose by a mere $36 billion during Q2, leaving the year-on-year (yoy) growth rate at 6%. Credit to advanced economies (AEs) grew at 6% yoy, while that to emerging market and developing economies (EMDEs) accelerated to 3% yoy. Dollar-denominated credit to EMDEs continued to contract. By contrast, credit denominated in the Chinese renminbi rose further, mainly to borrowers in the Asia-Pacific region. The BIS global liquidity indicators (GLIs) show that dollar-denominated foreign currency credit to non-banks in EMDEs fell modestly during Q2 2024. Bank lending declined slightly while international bond issuance held up.

This information was gathered from the Bank for International Settlements