统计发布：国际清算银行国际银行统计数据和全球流动性指标（截至2025年6月底）

•Global cross-border bank credit expanded by $917 billion in the second quarterof 2025, reaching $37 trillion.•The increase was driven by lending to financial sector borrowers ($773 billion),mainly lending to banks ($540 billion). Cross-border bank credit continues to expand The BIS locational banking statistics (LBS) reveal that global cross-border bankcredit1expanded by $917 billion on an exchange rate- and break-adjusted basis inQ2 2025, reaching $37 trillion (Graph 1.A). This was driven roughly in equal measureby dollar- and euro-denominated credit. This increase pushed the growth rate incross-border bank credit up to 10% year on year (yoy). The fastest growth was incredit to counterparties in advanced economies (AEs), for which growth in euro- Graph 1 Source: BIS locational banking statistics by residence. Most of the Q2 2025 increase in cross-border bank credit was driven by lendingtocounterparties in the financial sector(+$773 billion),especially banks(+$540 billion). Credit to related banks accounted for $335 billion, while that tounrelated banks grew by $218 billion. Credit to non-bank financial institutions (NBFIs),in turn, saw a $233 billion expansion (Graph 2.A). The Q2 2025 increase boosted theyoy growth rate of bank credit to each of these sectors, following an even larger Q1increase. The yoy growth in credit to NBFIs rose from 11% in Q4 2024 to 16% in Q2 Source: BIS locational banking statistics by residence. Cross-borderbank credit to the financial sector was concentrated amongborrowers in a few locations. Borrowers in the Cayman Islands, the United States, theNetherlands and the United Kingdom accounted for $386 billion of the $773 billionrise in cross-border credit to this sector (Graph 3.A). NBFIs accounted for the lion’sshare for the Cayman Islands and the United States, whereas banks were the Cross-border bank credit to the financial sector Source: BIS locational banking statistics by residence. Cross-border bank credit to borrowers in the United States increased in Q2 2025against a backdrop of tariff developments and a depreciating dollar. Most of the$112 billion expansion was due to lending to US-domiciled NBFIs (Graph 4.A).Lending to the US government rose by $44 billion, whereas bank credit to other non-financial sector borrowers declined by $14 billion.2Most of the increase in bankclaims3on borrowers in the United States (all sectors) was due to banks in three Cross-border bank lending to US borrowers Source: BIS locational banking statistics by residence. Bank credit to EMDEs expanded by $70 billion in Q2 2025. The increase wasdriven almost entirely by lending to borrowers in Africa and the Middle East (AFME),with the United Arab Emirates (+$28 billion) and Saudi Arabia (+$10 billion) seeingthe largest expansions (Graph 5.A). Bank credit to emerging Asia-Pacific contractedby $6 billion, mainly as a result of a decline in credit to borrowers in China(–$36 billion).Year-on-year credit growth followed similar patterns(+14%for Global liquidity indicators at end-June 2025 The BIS global liquidity indicators (GLIs) track total credit to non-bank borrowers,coveringboth loans extended by banks and funding from international bondmarkets.5 The latter is captured through the net issuance (gross issuance lessredemptions) ofinternational debt securities (IDS). The focus is on foreign currency Dollarcredit growth to non-bank borrowers outside the United Statesaccelerated to 6% yoy in Q2 2025 from 3% in Q4 2024 (Graph 6, red line). This cameon the back of a steady depreciation of the US dollar (blue line) through the first half A useful comparison for foreign currency credit to non-banks outside thecurrency area is credit to non-financial sector borrowers located within the currencyarea, also available from the BIS GLIs. From Q2 2020 to Q4 2024, dollar credit growthto US residents outpaced that to non-residents (Graph 7.A). Starting in Q1 2025, thistrend reversed, and residents saw a 3% yoy growth rate compared to 6% for non- Euro-denominated credit similarly saw faster growth for non-resident borrowerscompared to borrowers in the euro area. Growth outside the euro area expandedrapidly, reaching 13% yoy at end-Q2 2025 (Graph 7.B). Credit growth to residents Yen credit growth to borrowers both in and outside of Japan stalled. For non-residents, the 0% yoy growth in Q2 2025 followed several years of rapid growth over10% yoy (Graph 7.C). Growth in credit to residents also stood around 0% yoy amid Credit growth to residents vs non-residents Malaysia reports to the consolidated banking statistics Malaysia joined the BIS consolidated banking statistics (CBS) collection, with datamade available with this statistical release. This is the first new CBS reporting countrysince Korea joined in Q3 2012 (with data from Q4 2011). Data for Malaysian banksextend back to Q1 2024. The addition of Malaysia brings the number of countries Malaysian banks’ foreign claims – ie claims on counterpa