According to the quarterly report released by the Bank for International Settlements (BIS) on Sunday Chinese banks now comprise the 6th largest creditor group, Reuters reports, with cross-border financial assets of about $2 trillion as of Q3 2017.
This also makes Chinese banks the third-largest provider of USD to the international banking system, the BIS added, given that they conduct most of their overseas lending in the American currency.
“Their global footprint encompasses not just emerging market economies, but also advanced economies and offshore centres worldwide,” the BIS said.
The report also mentioned that China, along with such countries as Canada and Hong Kong, are growing sources of risk, due to their excessive domestic debt levels.
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