China-led pullback drags Apac cross-border credit lower

- By Lea Mok
- 13 Feb 2026

Cross-border bank credit to Asia-Pacific emerging market and developing economies (EMDEs) fell by $45.5 billion in Q3 2025 – the largest quarterly decline in two years – as the region’s annual contraction deepened to 6%. China accounted for almost the entire fall, with cross-border claims shrinking by $48 billion over the quarter.

The Asia-Pacific outflow was marginally larger than the $44.9

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