"China’s dollar debts rose to 20% of exports by end-2019 (6% at end-2008). South East Asia (70%, up from 24%) and higher still in Latin

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