RT @i_aldasoro: For more on this, see our article on changing instrument and currency patterns in global liquidity: bis.org/publ/qtrpdf/r_……

EM have a lot of dollar denominated debt on balance sheet. But also dollar assets -> it is the net position that it is most

A new taper tantrum could really hurt. "By mid-2020, US dollar credit to non-banks outside the US exceeded $12 trillion, more than 14% of world