Banks piled into emerging markets at a record pace earlier this year, highlighting the global search for yield that has partially reversed since the US Federal Reserve said it intended to slow bond buying.
Cross-border lending to emerging markets surged by $267bn, to an estimated $3.4tn, in the first quarter of 2013, the Bank for International Settlements said yesterday. The BIS said the 8.4 per cent increase was by far the highest recorded, with the amount of interbank lending rising almost $200bn, or 12 per cent.
The so-called central bankers’ bank, which compiles comprehensive data on cross-border capital flows, said in its Quarterly Review that 85 per cent of the rise was accounted for by more lending to China, Brazil and Russia.
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