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Central bank swap lines were instrumental in quelling #DollarFunding stresses back in March

The latest #BIS_Bulletin provides a bird's eye perspective, showcasing the use of BIS banking statistics at its best bis.org/publ/bisbull27…

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First thing to say is that #DollarFunding need outside the Unites States is big; dollar liabilities of non-US banks comes in at 13 trillion dollars - this is the same figure as just before the GFC
But notice the shift in the composition; the GFC was essentially a transatlantic crisis, with European banks at the eye of the storm.

European banks have retrenched, but others have taken their place; Asian EMEs are especially notable
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