FX.co ★ Global debt hits $365 trillion as China leads borrowing surge

Global debt has hit another record, reaching $365 trillion. According to the Institute of International Finance (IIF), cited by Reuters, the global economy added another $10 trillion in borrowing in the first half of 2026 alone.

The main drivers of this credit binge were emerging markets. Over the year, their total debt jumped by $6.5 trillion, comfortably topping $110 trillion.

The undisputed leader in living on borrowed money among emerging economies was predictably China. Beijing continues to aggressively raise borrowing, accounting for the lion’s share of the global increase in debt and leaving other competitors far behind.