BIS report shows international lending to China soared in 2014
China has become the largest emerging market destination for international bank lending, according to a report from the Bank for International Settlements (BIS).
Cross-border claims on China increased by $65bn in the second quarter of 2014 to $1.trn, and were up almost 50% in the year to the end of June, BIS said in his quarterly report on Sunday.
"China has become by far the largest (emerging market) borrower for BIS reporting banks. Outstanding cross-border claims on residents of China totalled $1.1 trillion at end-June 2014, compared with $311 billion on Brazil and slightly more than $200 billion each on India and Korea," the report says.
The country's status as the principal emerging market destination for international bank lending was a "remarkable evolution" since the financial crisis of 2008-2009, BIS said, adding that said China's share of BIS reporting banks' foreign claims on all emerging markets went from 6% at the end of 2008 to 28% midway through 2014.