-invoiced products. We find the same tendency for imports from two Asian powerhouses: China and Thailand. There is no significant …

China's rising presence in international finance, which has long lagged behind its prominence in international trade … countries more reliant on China's lending are less exposed to the global financial cycle in exchange rates, equity prices, bond … yields, and capital flows. These countries were not less exposed before China became a major lender, and trade linkages to …