Euro outpacing dollar as cross-border credit grows

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Cross-border credit in euros has been growing faster than credit in dollars

The annual growth of cross-border US dollar credit is slowing even as the growth of euro credit rises, according to the latest global liquidity statistics from the Bank for International Settlements.

The growth of US dollar credit to non-bank borrowers outside the US slowed to 3% in the third quarter of 2018, having previously peaked at 7% at the end of 2017. By contrast, growth in euro credit rose 9% year-on-year, up from 6.8% in the previous quarter.

The dollar continues to account for a

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