FX lending in China tops $1 trillion, new BIS figures show

Boat in Hong Kong

Foreign currency loans into China amounted to more than $1 trillion at the end of last year, according to updated figures from the authors of a Bank for International Settlements (BIS) report that first highlighted the scale of the issue in October 2013.

Robert McCauley, a senior adviser at the BIS, said Chinese borrowing in foreign currencies has continued its growth trajectory, despite capital controls imposed by the Chinese authorities. This means the interest rate on dollar loans in China is

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