Less foreign borrowing, longer bonds offset rise in emerging debt levels:
BIS: "A large-scale shift toward domestically issued and longer-dated bonds in emerging markets has helped build resilience to external shocks despite the increase in overall debt levels, the Bank for International Settlements said. The BIS, an umbrella body for global central banks, has warned in the past that developing world risks were entering a new crisis because of a build-up in debt levels, especially in China. But its latest report found that changes in the composition of debt were a mitigating factor. “Borrowing is mostly done in local currencies, at longer maturities and at fixed rates. Taken together, these trends should help strengthen public finance sustainability by reducing currency mismatches and rollover risks,” the BIS wrote."
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