China Leads Fall In Foreign Lending To Emerging Markets: BIS
Fahad Shabbir (@FahadShabbir) Published July 22, 2016 | 10:01 PM
PARIS, (APP - UrduPoint / Pakistan Point News - 22th july, 2016) - Cross-border lending, key to help fuel economic growth, fell to emerging markets at the start of the year, led by China, the Bank for International Settlements said Friday. The $76 billion decline -- a 9-percent fall at an annual rate -- in the first quarter took the outstanding drop to $3.2 trillion to emerging market countries, the BIS said. Emerging economies, such as Brazil and Russia, had until recently been responsible for most growth in the global economy. But a plunge in oil and other commodity prices that has hobbled many emerging nations, as well as fears of a hard landing in China, have led to an outflow of foreign funds.
The BIS, which is owned by and serves central banks, said the drop in foreign lending to China drove the aggregate quarterly change in lending to emerging market economies as a whole and to emerging Asia in particular. "Since hitting its all-time high at end September 2014, cross-border bank credit to China has contracted by a cumulative $367 billion," or by a third of the total, said the BIS.
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From World
-
Slot 'confident' of Liverpool job as 'negotiations' take place
2 hours ago -
Google parent Alphabet's Q1 profits beat estimates: company
2 hours ago -
WADA asks 'independent prosecutor' to examine Chinese swimmers case
2 hours ago -
New York court overturns Harvey Weinstein sex crime conviction
2 hours ago -
Bagnaia and Spanish rivals chase victory at Jerez
4 hours ago -
Russian, Ukrainian strikes kill at least 10 in frontline regions
4 hours ago
-
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
4 hours ago -
Tourism must change, mayor says as Venice launches entry fee
4 hours ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
5 hours ago -
Putin says plans to visit China in May
5 hours ago -
US reinstates open internet rules rescinded under Trump
5 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
5 hours ago