US dollar credit to non-bank borrowers residing outside the United States grew by 6% year-on-year, to reach $12.7 trillion at end-June 2020. In each of the three major currencies (USD, EUR, JPY), credit to non-residents grew more slowly than credit to residents of the respective currency areas in Q2. Dollar credit to emerging market and developing economies (EMDEs) expanded by 7% year-on-year, passing the $4 trillion mark. Issuance of debt securities remained the main driver of growth.