edit-to-GDP ratio and its long-term trend in percentage points. Long-term trend is calculated using an HP filter. Source: Investment Strategy Group, Bank for International Settlements. direct investment has reversed and is now negative. In our view, neither China’s high savings rate nor its increasing government control of financi

(cost basis) ] 9 10 8 10 11 12 11 - Middle East oil exporters gross claims on US banks 81 122 106 101 136 132 134 129 = 120 Saudi Arabia deposits in Bank for International Settlements (BIS) reporting banks Cross-border deposits with BIS reporting banks 163 180 169 167 188 244 224 210 212 of which, implied deposits from banks and ot

er and Executive Vice-President General Manager, Bank for International Settlements (BIS), Basel Vice-President International News an

end that clients maintain their strategic allocation to US equities. HOUSE_OVERSIGHT_026920 --- PAGE BREAK --- Sources: Investment Strategy Group, Bank for International Settlements, Bloomberg, Datastream, Goldman Sachs Global Investment Research, Haver, International Monetary Fund, Teneo Intelligence. Endnotes: (1) Kate Davids

erson and your obligations do not receive a PR US Guarantee (e) You are : (i) a sovereign entity, (ii) a multilateral development bank, (Iii) the Bank for International Settlements or (iv) another entity excluded from the definition of "financial end user' in PR Reg. .2. 7 9 to 1i 32 13 "PR US Person" means (I) an entity

erson and your obligations do not receive a PR US Guarantee (e) You are : (i) a sovereign entity, (ii) a multilateral development bank, (iii) the Bank for International Settlements or (iv) another entity excluded from the definition of "financial end user in PR Reg. .2. 6 "PR US Person" means (i) an entity organized under the