Cross-border lending by foreign dealers to US borrowers dropped in the second quarter of the year, reversing an upward trend that began at the end of 2016.

Figures from the latest global liquidity indicators published by the Bank for International Settlements on October 25 show cross-border borrowings expressed as a percentage of the region’s GDP fell from 15.3% in the first quarter to 14.3% in the second. In contrast, local lending by US banks to US borrowers, also known as local claims, rose