Blog

  • Tracebit finds major vulnerability in Google Gemini CLI tool

    Tracebit finds major vulnerability in Google Gemini CLI tool

    Tracebit has reported the discovery of a vulnerability affecting Google’s Gemini CLI, highlighting risks of silent credential theft and unauthorised command execution from untrusted code.

    The Gemini CLI tool, designed to assist developers in coding with Google Gemini directly from the command line, was released by Google on 25 June. Tracebit identified the vulnerability within two days, describing a combination of improper validation, prompt injection and misleading user experience as enabling the flaw. This allowed potential attackers to execute arbitrary code without the victim’s knowledge when inspecting untrusted code, thereby risking the exfiltration of credentials and sensitive data from users’ machines to remote servers.

    Tracebit explained that their blog post reveals a technical method by which an attacker could exploit Gemini CLI. Attackers could achieve silent code execution against users working with untrusted code, and this method might remain hidden from victims due to the exploit’s mode of operation.

    Disclosure and response

    Tracebit disclosed the vulnerability directly to Google through its Bug Hunters programme. According to a timeline provided by Tracebit, the vulnerability was initially reported to Google’s Vulnerability Disclosure Programme (VDP) on 27 June, just two days after Gemini CLI’s public release.

    Upon receipt, Google triaged the vulnerability as a lower priority; however, as the risk became clearer, the classification was upgraded to P1, S1 – the highest priority and most severe status – on 23 July. The Google product team then addressed the vulnerability, releasing an updated version of Gemini CLI (v0.1.14) with a patch on 25 July, followed by an agreed public disclosure on 28 July.

    During the approximately one-month period between the tool’s launch and the deployment of a fix, Tracebit noted that there had been independent discoveries of at least the command validation vulnerability by several other individuals.

    User impact and mitigation

    Tracebit has detailed that in the patched version of Gemini CLI, attempts at code injection display the malicious command to users, and require explicit approval for any additional binaries to be executed. This change is intended to prevent the silent execution that the original vulnerability enabled.

    For users of the CLI, security is now bolstered by making potentially dangerous prompts visible and requiring activation for certain code actions. The update closes the gap that previously allowed attackers to slip malicious commands past unsuspecting developers.

    “Our security model for the CLI is centered on providing robust, multi-layered sandboxing. We offer integrations with Docker, Podman, and macOS Seatbelt, and even provide pre-built containers that Gemini CLI can use automatically for seamless protection. For any user who chooses not to use sandboxing, we ensure this is highly visible by displaying a persistent warning in red text throughout their session.” (Google VDP Team, July 25th)

    Google’s approach to CLI security leverages containerisation and clear warnings for any users opting out of sandboxing, aiming to mitigate the risks involved in running code from untrusted sources.

    Tracebit’s role in the discovery and reporting of the issue also underlines the importance of rapid, independent security research, particularly as AI-powered tools become central to software development workflows. The company continues to focus on equipping security teams to take an ‘assume breach’ posture in the face of fast-evolving technologies.

    The vulnerability and its remediation underscore the need for vigilance when examining and running third-party or untrusted code, especially in tools leveraging AI to assist in software development. Users are advised to update to the latest Gemini CLI version and to use sandboxing features when dealing with unknown sources.

    Continue Reading

  • Ahaan Panday-Aneet Padda’s Saiyaara beats Vicky Kaushal’s Chhaava to become Bollywood’s highest-grosser of 2025 overseas | Bollywood

    Ahaan Panday-Aneet Padda’s Saiyaara beats Vicky Kaushal’s Chhaava to become Bollywood’s highest-grosser of 2025 overseas | Bollywood

    Filmmaker Mohit Suri’s Saiyaara has brought a wave of romance back to cinemas and has broken several box office records. Now, according to Sacnilk, Ahaan Panday and Aneet Padda’s romantic drama has achieved another milestone by surpassing the international collections of Vicky Kaushal-starrer Chhaava in just 12 days.

    Ahaan Panday-Aneet Padda’s Saiyaara beats Chhaava overseas.

    Saiyaara surpasses Chhaava’s international collection

    The trade tracking site reported that in just 12 days since its release, Saiyaara has overtaken the lifetime international collection of 91 crore for Chhaava—which also starred Rashmika Mandanna and Akshaye Khanna—by grossing 94 crore overseas. With this milestone, the film has emerged as Bollywood’s highest-grossing film of 2025 in the international market. The international collections of some other Bollywood films are as follows: Housefull 5 ( 70.25 crore), Sitaare Zameen Par ( 66.75 crore), and Murder Mubarak ( 54.00 crore).

    The film has also surpassed the international collection of Malayalam superstar Mohanlal’s Thudarum ( 93.80 crore), claiming second place on the list of highest-grossing Indian films internationally—just behind Mohanlal’s L2: Empuraan, which collected 124.50 crore. Considering the film features newcomers, this is a significant milestone.

    Ahaan and Aneet are currently in Singapore, celebrating the success of their latest romantic drama, Saiyaara. The film has so far raked in an impressive 413 crore worldwide and continues to perform strongly at the box office. With Son of Sardaar 2 and Dhadak 2 slated for release this Friday (1 August), it remains to be seen whether Saiyaara’s momentum will slow down or if the film will continue to cast its spell on audiences.

    Meanwhile, Chhaava, helmed by Laxman Utekar and produced by Dinesh Vijan, still remains the highest-grossing Indian film of 2025, earning 807.88 crore worldwide at the box office. The film stars Vicky Kaushal as Chhatrapati Sambhaji Maharaj, Akshaye Khanna as Emperor Aurangzeb and Rashmika Mandanna as Yesubai Bhonsale.

    About Saiyaara

    Backed by Aditya Chopra’s YRF and helmed by Mohit Suri—known for Aashiqui 2, Murder 2, and Ek Villain, among others—Saiyaara is a romantic musical drama. It follows the story of a struggling musician (Ahaan) who meets an aspiring journalist (Aneet) and falls in love. However, their relationship is put to the test after a heartbreaking revelation.

    The film’s emotional narrative and the actors’ performances have struck a chord with audiences. It has received praise from critics, and industry figures such as Alia Bhatt, Shraddha Kapoor, Karan Johar and others have also showered love on the film.

    Continue Reading

  • Intersectin Controls Brain Cell Communication Timing

    Intersectin Controls Brain Cell Communication Timing

    Researchers at Johns Hopkins Medicine say they unexpectedly found new information about a protein’s special role in getting brain cells to communicate at the right time and place in experiments with genetically engineered mice.

    The finding about the protein intersectin, they say, advances scientific understanding of a key process in how the mammalian brain forms memories and learns, and may help advance treatments for cognitive disorders including Down syndrome, Alzheimer’s disease and Huntington’s disease.

    A report of the new findings, funded in part by the National Institutes of Health, was published July 8 in the journal Nature Neuroscience

    Specifically, the researchers found that intersectin keeps tiny, message-carrying bubbles inside brain cells in a particular location until they are ready to be released to activate a neighboring brain cell. The protein does so by creating a physical boundary between these bubbles, similar to how oil separates from water.

    Message transfer from brain cell to brain cell is key to information processing, learning and forming memories. The bubbles, synaptic vesicles, are housed within the synapse — the connection point where brain cells communicate. In typical synapses within the brains of mammals, 300 synaptic vesicles are clustered together in the intersection between any two brain cells, but only a few of these vesicles are used for such message transfer, researchers say. Pinpointing how a synapse knows which vesicles to use has long been a target of research by those who study the biology and chemistry of thought.

    “We found that these tiny bubbles have a distinct domain where they want to be,” says Shigeki Watanabe, Ph.D., associate professor of cell biology at Johns Hopkins Medicine, who led the research. “Keeping them at particular locations within a synapse enables the brain to decide how and when to use them while thinking and processing information.”

    In an effort to better understand the operation of these synaptic vesicles, Watanabe and his team designed a study that first focused on endocytosis, a process in which brain cells recycle synaptic vesicles after they are used for neuronal communication.

    Already aware of intersectin’s general role in endocytosis and neuronal communication, the scientists genetically engineered mice to lack the gene that codes for intersectin. However, and somewhat to their surprise, Watanabe says removing the protein did not appear to halt endocytosis in brain cells.

    The research team refocused their experiments, taking a closer look at the synaptic vesicles themselves.

    Using a high-resolution fluorescence microscope to observe where intersectin is in a synapse, the researchers found it in between vesicles that are used for neuronal communication and those that are not, as if they are physically separating the two.

    To further understand the role of intersectin at this location, they used an electron microscope to visualize synaptic vesicles in action across one billionth of a meter. In all the nerve cells from mice lacking this protein, the scientists say synaptic vesicles close to the membrane were absent from the release zone of the synapse, the place where the bubbles would discharge to nearby neurons.

    “This suggested that intersectin regulates release, rather than recycling, of these vesicles at this location of the synapse,” says Watanabe.

    Using a technique called zap and freeze microscopy, the scientists stimulated neurons in the brains of mice to capture the movement of synaptic vesicles on a millisecond timescale and at a nanometer resolution.

    In normal mice, the scientists saw vesicles fusing with the brain cell membrane within a millisecond after stimulation. Then, new synaptic vesicles came and filled the vacated release sites of the synapse within about 15 milliseconds.

    In two genetically engineered lines of mice, one lacking intersectin and another lacking the endophilin protein, which binds to intersectin, new vesicles could not be recruited to the vacated release sites. Similarly, vesicles within nerve cells of mice with mutations that blocked the interaction of these two proteins also slowed the local replenishment of synaptic vesicles that carry information from neuron to neuron.

    “When information is processed in the brain, this replenishment process needs to happen in just a few milliseconds,” says Watanabe. “When you don’t have vesicles staged and ready to go at the release sites or the active zones, then neurotransmission cannot continue.”  

    In future research, the scientists say they aim to better understand how intersectin shuttles new synaptic vesicles to release sites.

    Reference: Ogunmowo TH, Hoffmann C, Patel C, et al. Intersectin and endophilin condensates prime synaptic vesicles for release site replenishment. Nat Neurosci. 2025. doi: 10.1038/s41593-025-02002-4

    This article has been republished from the following materials. Note: material may have been edited for length and content. For further information, please contact the cited source. Our press release publishing policy can be accessed here.

    Continue Reading

  • LHC sets aside FIR order against Suleman Shehbaz

    LHC sets aside FIR order against Suleman Shehbaz

    Chief Justice Aalia Neelum of the Lahore High Court (LHC) has set aside a district court’s order directing the registration of a First Information Report (FIR) against Prime Minister Shehbaz Sharif’s son, Suleman Shehbaz, in a cheque dishonour case.

    The high court held that the lower court failed to properly examine the facts of the matter.

    Suleman Shehbaz had challenged the July 10 order issued by the district judge, which instructed police to register an FIR against him on charges of issuing a bounced cheque.

    During the LHC proceedings, Suleman’s counsel contended that the district court’s decision was not only contrary to law but also passed without a proper review of the factual background.

    The respondent’s counsel alleged that Suleman’s company had purchased 17 laptops and issued a cheque for Rs 600,000 in payment, which was later dishonoured.

    However, Suleman’s counsel countered that no laptops were ever delivered to the company’s office. He further argued that the cheques in question were stolen by company employees and wrongfully handed over to the respondent. An FIR had already been registered against those individuals, he added.

    “The company has no connection with these cheques,” the counsel asserted.

    Chief justice also questioned the respondent’s legal team for failing to specify the date of the alleged laptop purchase. She noted that no purchase receipts bore any official stamp either.

    After hearing arguments from both sides, chief justice ruled in favour of the petitioner and annulled the district court’s order.

    Continue Reading

  • Diagnostic Use of High-Frequency Ultrasound in Differentiating Benign

    Diagnostic Use of High-Frequency Ultrasound in Differentiating Benign

    Introduction

    Pigmented skin lesions encompass a broad range of conditions characterized by visible pigmentation changes, with diverse pathological subtypes, atypical clinical presentations, and visually similar appearances.1 These factors contribute to a high rate of clinical misdiagnosis among lesions with comparable features. Misdiagnosis or missed diagnosis of malignant pigmented skin lesions can delay appropriate treatment, potentially leading to disease progression, cosmetic impairment, and even life-threatening consequences. Therefore, early and accurate differentiation between benign and malignant pigmented skin lesions is essential for guiding appropriate treatment strategies, improving patient quality of life, and ensuring optimal prognostic outcomes.

    Skin biopsy remains the “gold standard” for preoperative diagnosis of pigmented skin lesions; however, as an invasive procedure, it frequently results in localized scarring, particularly in cosmetically sensitive areas such as the face.2 Consequently, many patients are reluctant to undergo this procedure. Currently, dermoscopy is the primary imaging modality used in the evaluation of skin diseases.3 However, due to its limited penetration depth, it is unable to provide clear visualization of deeper structures, highlighting the need for an effective non-invasive diagnostic method capable of distinguishing common benign and malignant pigmented skin lesions.

    Ultrasound, as a widely utilized non-invasive imaging tool, has become the preferred modality for screening, diagnosis, and follow-up of superficial diseases. Advances in ultrasonic probe technology, particularly in frequency resolution, have expanded its applications in dermatologic diagnostics.4 High-frequency ultrasound, a relatively novel technique, has been underexplored in the context of pigmented skin lesions. Exploring rapid and effective evaluation indicators is of great significance for improving the detection rate of malignant pigmented skin lesions and avoiding overtreatment. This study leverages the diagnostic advantages of ultrasound in terms of lesion two-dimensional morphology and hemodynamics, combined with clinical data, to explore the independent risk factors for malignant pigmented skin lesions, with satisfactory results.

    Data and Methods

    Study Participants

    This prospective study included 126 patients with pigmented skin lesions who were admitted to the Department of Dermatology or the Department of Plastic Surgery between October 2022 and July 2024. All participants underwent high-frequency color Doppler ultrasound examination followed by surgical treatment. The cohort comprised 52 males and 74 females, with a mean age of 52.93 ± 15.56 years.

    Inclusion criteria: 1) No history of other autoimmune skin diseases. 2) Provided informed consent and underwent surgical treatment. 3) Availability of pathological examination results. 4) Presence of a single pigmented skin lesion.

    Exclusion criteria: 1) History of prior destructive treatment, including photodynamic therapy, surgery, or radiotherapy before undergoing ultrasound examination. 2) Inability to cooperate with study procedures. 3) Lack of available pathological examination results.

    The sample size was determined based on an a priori power analysis. The anticipated effect size for the mean difference between the malignant and benign groups was estimated to be d = 0.6 (a medium effect). Under the conditions of α = 0.05 (two-tailed test) and a statistical power of 80%, a minimum of 45 participants per group was required. Ultimately, 76 individuals were recruited for the benign group and 50 for the malignant group (total N = 126). The actual data analysis revealed that the study achieved a power of 87.8%. The results of the power analysis were presented in Supplementary Table 1.

    Data and Methods

    Clinical Data Collection

    Patient data were recorded, including age (teenager: ≥ 14 years, older adults: ≥ 60 years, and youth/middle-aged: > 14 and < 60), sex, disease duration (the period from initial lesion detection to the time of ultrasound examination), short-term lesion progression (classified as progressive if a lesion was newly developed or had increased in size by ≥ 1 mm within the past month; otherwise, classified as stable), lesion location (with the head, face, neck, and dorsum of the hand considered exposed areas, while all other locations were classified as non-exposed), lesion pigmentation (classified as dark if darker than the surrounding normal skin and light otherwise), and apparent morphology (categorized as regular or irregular). These parameters were assessed at the bedside three days prior to surgery.

    High Frequency Ultrasound Examination

    Based on lesion location, patients were positioned appropriately to ensure full exposure of the affected area. A disinfection and sterilization coupling agent of appropriate thickness was applied to the site of the pigmented skin lesions High-frequency color ultrasound (Paragon XHD) equipped with dual high-frequency probes (L38-22, central frequency: 30 MHz; L22-10, central frequency: 16 MHz) was used for two-dimensional grayscale ultrasound, color Doppler imaging of blood flow, and Doppler spectral analysis of blood flow pulse within the lesions.

    During the examination, probes were maintained in a suspended position to prevent distortion or obscured visualization of the lesion contour due to compression. Maintain a coupling agent thickness greater than 1 mm between the probe and the lesion or skin, and ensure that no air is present. Initially, grayscale ultrasound was used to measure the maximum transverse diameter of the lesion (The maximum diameter parallel to the skin), maximum lesion thickness (distance from the lesion surface to the deepest subcutaneous point perpendicular to the epidermis); The layers of skin involved by the lesion was recorded (epidermis, dermis, or subcutaneous tissue), lesion shape (nodular, creeping, or irregular), lesion boundary clarity (clear or unclear), internal echogenicity (hypoechoic, isoechoic, hyperechoic, or mixed echogenicity), stratum corneum condition (intact, absent, or thickened), and presence of strong internal punctate echoes.

    Subsequently, color Doppler flow imaging was used to assess blood supply within and surrounding the lesion, with identification of the primary artery responsible for vascularization. The blood flow scale was set within the range of 1–2 cm/s to ensure that the blood flow signals do not overflow or disappear. Blood flow was classified using Alder blood flow grading method:5

    Level 0: No detectable blood flow signal. Level I: Minimal blood flow signals, accounting for < 20% of the lesion. Level II: Moderate blood flow signals, comprising 20%–50% of the lesion. Level III: Abundant blood flow signals, exceeding 50% of the lesion.

    Finally, pulsed spectral Doppler was used to record the peak systolic velocity (PSV), pulsatility index (PI), and resistance index (RI) of the responsible artery. The sampling volume should be set at 0.5 mm, the angle between the ultrasound beam and the direction of blood flow should be less than 20°, and a reasonable maximum velocity scale should be set to ensure that the spectral height occupies 1/2 to 2/3 of the range. All examinations were conducted by two or more professionally trained ultrasound diagnosticians.

    Grouping Method

    Surgical resection was performed for all patients to remove the respective lesions, and pathological examination results were obtained within 7–10 days postoperatively. Based on the pathological findings, patients were classified into either the benign or malignant group. The flowchart of the study was shown in the Figure 1.

    Figure 1 The flowchart of the study.

    Statistical Analysis

    Statistical analysis was performed using SPSS 25.0 software. The Kolmogorov–Smirnov test was applied to assess the normality of the data. Normally distributed continuous variables were expressed as mean ± standard deviation (SD), while non-normally distributed continuous variables were reported as median and interquartile range (IQR, 25%–75%). Categorical variables were presented as counts and percentages.

    Univariate analysis was conducted to examine the difference between all collected variables and the benign and malignant lesion group. Categorical data were analyzed using the chi-square test or Fisher’s exact test. For continuous data that did not follow a normal distribution and ordinal data, nonparametric rank-sum tests were used. Variables found to be significant in univariate analysis were further analyzed using multivariate binary logistic regression to identify independent risk factors for malignant pigmented skin lesions. Receiver operating characteristic (ROC) curve analysis was performed, and the area under the curve (AUC) was used to assess the diagnostic performance of each independent risk factor in differentiating benign from malignant pigmented skin lesions. A significance level of α = 0.05 was applied for all statistical analyses.

    Results

    Clinical Data and Pathological Results of 126 Patients with Pigmented Skin Lesions

    Among the 126 patients included in the study, 2 were juveniles, 71 were classified as young to middle-aged, and 53 were older adults. The group comprised of 52 males and 74 females. Of the 126 pigmented skin lesions, 88 (69.8%) were located in exposed areas, while 38 (30.2%) were in non-exposed regions. Lesions were distributed as follows: 70 (55.6%) on the head and face, 22 (17.5%) on the trunk, 17 (13.5%) on the neck, 13 (10.4%) on the limbs, and 4 (3.2%) in the perineal region.

    Postoperative pathological examination classified 50 lesions as malignant, comprising 29 cases of basal cell carcinoma (58.0%), 8 cases of squamous cell carcinoma (16.0%), 6 cases of melanoma (12.0%), 4 cases of Paget’s disease in the perineum (8.0%), and 4 cases of dermatofibrosarcoma protuberans (8.0%). The remaining 76 lesions were classified as benign, including 51 cases of pigmented nevus (67.1%), 11 cases of seborrheic keratosis (14.5%), 8 cases of hemangioma (10.5%), 4 cases of pilomatrixoma (5.2%), and 2 cases of keratoacanthoma (2.6%).

    A comparison of clinical characteristics between patients with benign and malignant pigmented skin lesions revealed statistically significant differences in disease duration, lesion location, and short-term lesion progression. However, no significant differences were observed in age, sex, lesion pigmentation, or morphology as assessed by visual inspection. Detailed comparative data are presented in Table 1.

    Table 1 Univariate Analysis of Clinical Data of Patients Diagnosed with Benign and Malignant Pigmented Skin Lesions

    High Frequency Ultrasound Manifestations of 126 Patients with Pigmented Skin Lesions

    The mean maximum transverse diameter of the 126 pigmented skin lesions was 9.00 mm (range: 2.00–30.10 mm), while the mean maximum thickness was 4.21 mm (range: 0.40–25.00 mm). Most lesions exhibited a moderate-to-low echogenicity with varying sizes, involving the epidermis and dermis. The majority presented as nodular formations or as lesions spreading along the epidermis, while a smaller proportion extended to the dermal-subcutaneous tissue interface. Internal blood flow signals were predominantly sparse, classified as Adler grade 0–1. Additionally, punctate hyperechoic foci were observed in some lesions (Figures 2–4).

    Figure 2 (A) Malignant pigmented skin lesion (basal cell carcinoma): The lesion has an ill-defined border, exhibits a creeping growth pattern, and contains hyperechoic foci that are clustered in distribution. (B) Benign pigmented skin lesion (nevus): The lesion has a well-defined border, regular shape, and homogeneous internal echoes.

    Figure 3 (A) Malignant pigmented skin lesion (basal cell carcinoma): The lesion shows abundant blood flow signals in every part, with a tree-branch-like distribution. Alder grading: Grade II. (B) Benign pigmented skin lesion (epidermoid cyst): The lesion shows few a blood flow signals internally. Alder grading: Grade I.

    Figure 4 (A) Malignant pigmented skin lesion (basal cell carcinoma): Spectral Doppler shows high-resistance blood flow, with a resistance index (RI) of 0.72. (B) Benign pigmented skin lesion (keratoacanthoma): Spectral Doppler shows low-resistance blood flow, with a resistance index (RI) of 0.46.

    A comparison between the benign and malignant lesion groups demonstrated statistically significant differences in maximum thickness (p < 0.001), sectional morphology (p = 0.009), basal involvement (p = 0.013), presence of strong internal punctate echoes (p < 0.001), blood flow classification (p < 0.001), and RI of the responsible artery (p = 0.000). However, no significant differences were observed in maximum transverse diameter (p = 0.096), internal echogenicity (p = 0.614), stratum corneum condition (p = 0.114), PI of the responsible artery (p = 0.063), or PSV (p = 0.086) between the two groups. Detailed statistical comparisons are presented in Table 2.

    Table 2 Univariate Analysis of High Frequency Ultrasound Parameters of Benign and Malignant Pigmented Skin Lesions

    Identification of Independent Risk Factors for Malignant Pigmented Skin Lesions

    Multivariate binary logistic regression analysis was conducted on the clinical data and the statistically significant indicators were identified in the univariate analysis of high-frequency ultrasound findings. After accounting for collinearity effects, short-term lesion progression, the presence of strong internal punctate echoes, and the resistance index of the responsible artery were identified as independent factors associated with the differentiation between benign and malignant pigmented skin lesions (Table 3).

    Table 3 Multivariate Analysis of Comprehensive Indexes of Benign and Malignant Pigmented Skin Lesions

    ROC curve analysis was conducted for short-term lesion progression, strong internal punctate echoes, the responsible artery resistance index, and their combined diagnostic value (Figure 5). The respective area under the ROC curve values were 0.804 (95% CI: 0.722–0.887), 0.777 (95% CI: 0.687–0.868), 0.815 (95% CI: 0.742–0.888), with an RI value greater than 0.54 as the optimal cutoff, the sensitivity and specificity for diagnosing a lesion as malignant were 72.0% and 51.7%, respectively.

    Figure 5 The ROC curves of each risk factor.

    Discussion

    As the largest organ of the human body, the skin serves as the primary barrier against various external damages.6 The incidence of skin diseases is high due to the influence of both intrinsic and extrinsic factors, including individual susceptibility, environmental exposures, and variations in lesion location. The complexity of skin diseases presents a diagnostic challenge, as similar conditions may exhibit distinct clinical appearances, while different diseases may present with similar features. Although histopathological examination remains the gold standard for diagnosing skin diseases, its invasive nature, limited sampling capability, and the potential for scarring, particularly in cosmetically sensitive areas, make it less acceptable to many patients. Consequently, there is an urgent need for a diagnostic approach that is non-invasive, rapid, and accurate.

    In recent years, non-invasive imaging techniques, such as dermoscopy, reflectance confocal microscopy, and optical coherence tomography, have been widely used in the evaluation and management of skin diseases. However, these methods have limited penetration depth, restricting their ability to assess the extent of lesion infiltration.7 Ultrasound, as a non-invasive and practical imaging method, offers both high resolution and sufficient penetration depth. Advances in computer technology and high-frequency ultrasound have enabled probe frequencies to reach 20–150 MHz, allowing for detailed visualization of the complete anatomical structure of the skin, including the epidermis, dermis, and subcutaneous tissue. High-frequency ultrasound facilitates the assessment of skin layers and adnexal structures while providing morphological details of skin lesions, such as lesion thickness, boundary characteristics, internal echogenicity, and adjacent tissue involvement. Additionally, it enables dynamic visualization of lesion vascularity in a timely manner.8

    Clinically, determining lesion infiltration depth, breach of the skin layers, and lesion classification (benign or malignant) is key for guiding treatment strategies and prognostication. Pigmented skin lesions are predominantly benign, with malignant variants being relatively rare. However, certain malignant lesions may develop progressively from pre-existing benign lesions, often undergoing a prolonged course before metastasis or significant progression occurs, leading to delayed recognition. Once advanced or metastatic, these conditions pose a serious threat to patient survival. The findings of this study indicate that lesion progression is strongly associated with malignancy, and a rapid increase in lesion size over a short period often indicates a poor prognosis, necessitating early intervention.

    A significant correlation has been identified between the nature of pigmented skin lesions and the presence of internal punctate high echoes. Malignant lesions frequently exhibit punctate hyperechoic signals, with basal cell carcinoma often demonstrating multiple such foci as a characteristic ultrasonographic feature. Their formation may be associated with specific histopathological structures, including keratin cysts, microcalcifications, apoptosis, and necrosis.9

    A study by Wortsman et al indicated that the number of punctate hyperechoic foci is prognostically relevant and may help in predicting the risk of disease recurrence. Specifically, lesions with more than seven such high echoes were associated with an increased likelihood of recurrence.10 In this study, 62.0% (31/50) of malignant lesions exhibited punctate high echoes.

    Color Doppler ultrasound has demonstrated its use in identifying features indicative of malignancy, including increased vascularization within the lesion, elevated blood flow velocity, and the presence of multiple vascular pedicles at the tumor base.11 The findings of this study indicate that high-frequency dynamic Doppler ultrasound can effectively monitor blood flow within and surrounding tumors, as well as its relationship with adjacent vasculature. Malignant pigmented skin lesions predominantly exhibited blood flow patterns classified as Grades II and III, whereas benign lesions were mostly classified as Grades 0 and I. This disparity may be attributed to the release of tumor angiogenesis factors by malignant tumor cells, which stimulate capillary proliferation and contribute to rapid lesion growth. Notably, with RI > 0.54 strongly indicative of malignancy, thereby necessitating early clinical intervention.

    Along with facilitating the preoperative differentiation between benign and malignant lesions, high-frequency ultrasound provides valuable data regarding lesion margins in malignant pigmented skin lesions. A study by Parashar et al confirmed that high-frequency ultrasound can accurately delineate the morphology of basal cell carcinoma preoperatively, with tumor volume measurements obtained via ultrasound demonstrating strong concordance with postoperative histopathological measurements.12 Furthermore, Jambusaria-Pahlajani et al explored the role of high-frequency ultrasound in improving the accuracy of Mohs microsurgery and found that 20 MHz ultrasound exhibited greater sensitivity in detecting subclinical invasion in larger tumors (diameter > 1.74 cm).13 Based on current evidence, 20 MHz high-frequency ultrasound is considered more suitable for planning excisional surgery in larger tumors, whereas Mohs microsurgery requires higher-frequency imaging for detailed lesion assessment.

    The innovations of this paper were as follows: Firstly, this study utilized spectral Doppler technology to analyze the hemodynamic parameters of the arteries responsible for pigmented skin tumors, both benign and malignant, which has rarely been reported in previous literature. Secondly, this study innovatively combined the use of 22–38 MHz ultra-high-frequency probes to analyze the internal and surrounding tissue conditions of pigmented skin tumors, benign and malignant. This approach compensates for the insufficient resolution of single 15 MHz or lower high-frequency probes used in previous studies, and more clearly reveals the detailed characteristics of the lesions. Thirdly, this study innovatively revealed the independent risk factors for preoperative evaluation of the benign and malignant nature of pigmented skin lesions using a combination of ultrasound and clinical data. However, this study also has certain limitations, primarily due to the relatively small sample size, which may introduce potential bias in the findings. In addition, due to equipment limitations, the ultra-high-frequency probe used in this study did not have elastography capabilities, which restricted the study’s investigation into the hardness of pigmented skin lesions. Future research would require larger sample sizes to further validate these results and enhance the reliability of the conclusions. When conditions permit in the future, elastography parameters could be incorporated into multimodal ultrasonography research. And we also intend to store the expanded dataset in a public database to facilitate verification by other researchers.

    Conclusion

    In summary, high-frequency ultrasound provides detailed visualization of the internal structure of lesions as well as adjacent anatomical features. This imaging modality offers key data regarding lesion size, margins, vascularization, and surrounding tissue involvement in a non-invasive manner, facilitating optimal preoperative surgical planning. The progression of pigmented skin lesions, the presence of strong internal punctate hyperechoic foci, and the resistance index of the primary supplying artery are significantly associated with the pathological characteristics of the lesions. The diagnostic accuracy, sensitivity, and specificity were 86.5%, 94.0%, and 93.4%, respectively. Among these parameters, a resistance index exceeding 0.54 is highly indicative of malignancy and warrants careful clinical consideration. High-frequency ultrasound demonstrates substantial diagnostic and clinical utility in distinguishing between benign and malignant pigmented skin lesions and is recommended for broader clinical application.

    Abbreviations

    PSV, peak systolic velocity; PI, pulsatility index; RI, resistance index; ROC, Receiver operating characteristic; AUC, area under the curve.

    Data Sharing Statement

    All data generated or analysed during this study are included in this article. Further enquiries can be directed to the corresponding author.

    Ethics Approval and Consent to Participate

    The study was conducted in accordance with the Declaration of Helsinki (as was revised in 2013). The study was approved by Ethics Committee of the First Affiliated Hospital of Henan University of Science & Technology. All participants provided written informed consent for their involvement in the study. In cases where participants were under the age of 18, informed consent was additionally obtained from their parents or legal guardians.

    Acknowledgments

    We are particularly grateful to all the people who have given us help on our article.

    Consent to Publish

    The authors affirm that human research participants provided informed consent for publication of the Figures.

    Funding

    No external funding received to conduct this study.

    Disclosure

    The authors declare that they have no competing interests in this work.

    References

    1. Thawabteh AM, Jibreen A, Karaman D, Thawabteh A, Karaman R. Skin pigmentation types, causes and treatment-a review. Molecules. 2023;28(12):4839. doi:10.3390/molecules28124839

    2. Adan F, Nelemans PJ, Essers BAB, et al. Optical coherence tomography versus punch biopsy for diagnosis of basal cell carcinoma: a multicentre, randomised, non-inferiority trial. Lancet Oncol. 2022;23(8):1087–1096. doi:10.1016/S1470-2045(22)00347-3

    3. Chen X, Lu Q, Chen C, Jiang G. Recent developments in dermoscopy for dermatology. J Cosmet Dermatol. 2021;20(6):1611–1617. doi:10.1111/jocd.13846

    4. Bhatt KD, Tambe SA, Jerajani HR, Dhurat RS. Utility of high-frequency ultrasonography in the diagnosis of benign and malignant skin tumors. Indian J Dermatol Venereol Leprol. 2017;83(2):162–182. doi:10.4103/0378-6323.191136

    5. Wang SQ, Liu J, Zhu QL, et al. High-frequency ultrasound features of basal cell carcinoma and its association with histological recurrence risk. Chin Med J. 2019;132(17):2021–2026. doi:10.1097/CM9.0000000000000369

    6. Gallo RL. Human skin is the largest epithelial surface for interaction with microbes. J Invest Dermatol. 2017;137(6):1213–1214. doi:10.1016/j.jid.2016.11.045

    7. Shan D, Wu N, Wang Q, et al. Value of pseudopod sign on high-frequency ultrasound in predicting the pathological invasion of extramammary Paget’s disease lesions. J Eur Acad Dermatol Venereol. 2022;36(8):1235–1245. doi:10.1111/jdv.18104

    8. Catalano O, Roldán FA, Varelli C, Bard R, Corvino A, Wortsman X. Skin cancer: findings and role of high-resolution ultrasound. J Ultrasound. 2019;22(4):423–431. doi:10.1007/s40477-019-00379-0

    9. Wang LF, Zhu AQ, Wang Q, et al. Value of high-frequency ultrasound for differentiating invasive basal cell carcinoma from non-invasive types. Ultrasound Med Biol. 2021;47(10):2910–2920. doi:10.1016/j.ultrasmedbio.2021.06.006

    10. Wortsman X. Top advances in dermatologic ultrasound. J Ultrasound Med. 2023;42(3):521–545. doi:10.1002/jum.16000

    11. Schneider SL, Kohli I, Hamzavi IH, Council ML, Rossi AM, Ozog DM. Emerging imaging technologies in dermatology: part II: applications and limitations. J Am Acad Dermatol. 2019;80(4):1121–1131. doi:10.1016/j.jaad.2018.11.043

    12. Parashar K, Torres AE, Boothby-Shoemaker W, et al. Imaging technologies for presurgical margin assessment of basal cell carcinoma. J Am Acad Dermatol. 2023;88(1):144–151. doi:10.1016/j.jaad.2021.11.010

    13. Jambusaria-Pahlajani A, Schmults CD, Miller CJ, et al. Test characteristics of high-resolution ultrasound in the preoperative assessment of margins of basal cell and squamous cell carcinoma in patients undergoing Mohs micrographic surgery. Dermatol Surg. 2009;35(1):9–16. doi:10.1111/j.1524-4725.2008.34376.x

    Continue Reading

  • UK Adults Don’t Eat Enough Plants

    UK Adults Don’t Eat Enough Plants


    Register for free to listen to this article

    Thank you. Listen to this article using the player above.

    The study by researchers from the Department of Nutrition found that eating a more diverse range of plant-based foods is associated with better cardiometabolic health outcomes, including improved cholesterol levels, blood sugar markers, better overall diet quality and higher intakes of key nutrients, including fiber, vitamins, and minerals.

    While the role of diet in preventing and managing conditions like cardiovascular disease and type 2 diabetes is well established, this study is the first of its kind to examine how many and which types of plant foods people in the UK consume, and how this diversity relates to cardiometabolic health markers which are important indicators of cardiovascular diabetes and type 2 diabetes.   

    “Current dietary guidance in the UK often emphasizes quantity, such as ‘5-a-day’ for fruit and vegetables. Our findings suggest that dietary variety, across all plant-based food groups, may be just as important for improving diet quality and lowering the risk of cardiometabolic diseases, “Dr Eirini Dimidi, Senior Lecturer in Nutritional Sciences at King’s College London and senior author of the study.

    The research, published in Clinical Nutrition, analyzed data on over 670 adults from the UK National Diet and Nutrition Survey (NDNS) from 2016–2017. 97% of adults included followed an omnivorous diet.

    Researchers grouped participants into three categories based on the variety of plant-based foods they consumed each day. Those in the low diversity group ate around 5.5 different plant foods per day, the moderate diversity group 8.1 types, and those in the high diversity group included roughly 11 different plant foods in their daily diets.

    Blood tests showed that people with less plant diversity in their diets had lower HDL cholesterol, known as the “good” cholesterol. A lower level of this cholesterol generally indicates a lower risk of heart disease. They also found that HBA1C concentration – blood glucose levels – is lower for every one-unit increase in plant diversity.

    The research also found that people with higher plant food diversity tended to have healthier lifestyle profiles. For example, only 6% of people in the high-diversity group smoked, compared with 30% in the low-diversity group. Those in the high-diversity group also had better blood lipid profiles and more met fiber recommendations compared to low and moderate groups. They had also consumed more total sugar, likely due to greater intake of fruits and fruit juices. While excess sugar can have negative health effects, fruits provide additional beneficial nutrients such as fiber and antioxidants, which may help offset these impacts on blood sugar and overall health.

    Dr Dimidi said: “Vegetables were the largest contributors (21%) to diversity, followed by plant-based fats and oils (18.8%), and fruit (17%). Categories such as nuts, seeds, legumes, despite their established nutritional benefits, contributed minimally to total intake. While higher diversity was associated with better nutrient adequacy overall, key shortfalls remained even among those with the most diverse plant-based diets, particularly for fibre and several micronutrients which are important for maintaining a strong immune system and health bones and tissues.”

    “In addition to fruits and vegetables, legumes, nuts, seeds, herbs and spices are great plant-based food sources that can help us to introduce more plant diversity into our diets,” Dr Dimidi.

    She added: “Try adding nuts to your porridge, spices to your baked beans. Branch out from the usual peas, onions or carrots with dinner, and try incorporating seasonal vegetables into your dinners – like courgettes [zucchini], broccoli and broad beans in July.”

    Promoting a more diverse intake of plant-based foods—particularly those that are currently under-consumed—could be an effective strategy for improving diet quality across the UK population, say the researchers, especially among groups at higher risk of diet-related diseases.

    Looking ahead, the researchers have been awarded £1.5 million from the Biotechnology and Biological Sciences Research Council (BBSRC) to conduct a randomized controlled trial. This new research will further determine how increasing plant food diversity impacts gut and cardiometabolic health and aims to support more targeted and practical public health recommendations to optimize diets and improve health.

    Reference: Creedon AC, Foyle L, McCall N, et al. Characterising the diversity of plant-based food and beverage consumption in adults, and exploring associations with cardiometabolic health outcomes: A cross-sectional study. Clinic Nutri. 2025. doi: 10.1016/j.clnu.2025.07.011


    This article has been republished from the following materials. Note: material may have been edited for length and content. For further information, please contact the cited source. Our press release publishing policy can be accessed here.

    Continue Reading

  • Respiratory Viruses May Awaken Dormant Breast Cancer

    Respiratory Viruses May Awaken Dormant Breast Cancer

    Researchers at the University of Colorado Anschutz Medical Campus, Montefiore Einstein Comprehensive Cancer Center (MECCC), and Utrecht University have found the first direct evidence that common respiratory infections, including COVID-19 and influenza, can awaken dormant breast cancer cells that have spread to the lungs, setting the stage for new metastatic tumors. The findings, published today in Nature, obtained in mice, were supported by research showing increases in death and in metastatic lung disease among cancer survivors infected with SARS-CoV-2, the virus that causes COVID-19.

    “Our findings indicate that individuals with a history of cancer may benefit from taking precautions against respiratory viruses, such as vaccination when available, and discussing any concerns with their healthcare providers,” said Julio Aguirre-Ghiso, Ph.D., a co-leader of the study and director of MECCC’s Cancer Dormancy Institute, professor of cell biology, of oncology, and of medicine and the Rose C. Falkenstein Chair in Cancer Research at Albert Einstein College of Medicine.

    The study was led by senior author and deputy director of CU Cancer Center James DeGregori, Ph.D., and also co-led by Mercedes Rincon, Ph.D., with CU Anschutz, and Roel Vermeulen, Ph.D., of Utrecht University, The Netherlands, and Imperial College London. “This complex and multidisciplinary study truly took a village,” said Dr. DeGregori.

    Arousing “sleeper cells” in mice

    Prior to the study, some evidence suggested that inflammatory processes can awaken disseminated cancer cells (DCCs)—cells that have broken away from a primary tumor and spread to distant organs, often lying dormant for extended periods. “During the COVID-19 pandemic, anecdotal reports suggested a possible increase in cancer death rates, bolstering the idea that severe inflammation might contribute to arousing dormant DCCs,” said Dr. Aguirre-Ghiso, who also serves as leader of MECCC’s Tumor Microenvironment and Metastasis Research Program.

    Researchers tested this hypothesis using Dr. Aguirre-Ghiso’s laboratory’s unique mouse models of metastatic breast cancer, which include dormant DCCs in the lungs and therefore closely resemble a key feature of the disease in humans.

    The researchers exposed mice to SARS-CoV-2 or influenza virus. In both cases, the respiratory infections triggered the awakening of dormant DCCs in the lungs, leading to a massive expansion of metastatic cells within days of infection and the appearance of metastatic lesions within two weeks. “Dormant cancer cells are like the embers left in an abandoned campfire, and respiratory viruses are like a strong wind that reignites the flames,” said Dr. DeGregori.

    Molecular analyses revealed that the awakening of dormant DCCs is driven by interleukin-6 (IL-6), a protein that immune cells release in response to infections or injuries. “The identification of IL-6 as a key mediator in arousing DCCs from dormancy suggests that using IL-6 inhibitors or other targeted immunotherapies might prevent or lessen the resurgence of metastasis following viral infection,” said Dr. Aguirre-Ghiso.

    Two population studies also show risk for people

    The COVID-19 pandemic offered a unique opportunity to investigate the effect of respiratory virus infections—in this case from the SARS-CoV-2 virus—on cancer progression. The research team analyzed two large databases and found support for their hypothesis that respiratory infections in cancer patients in remission are linked to cancer metastasis.

    The UK Biobank is a general population cohort in which some of the more than 500,000 participants were diagnosed with cancer and other diseases prior to the COVID-19 pandemic. Researchers from Utrecht University and Imperial College London investigated whether a COVID-19 infection increased the risk of cancer-related mortality among participants with cancer. They focused on cancer survivors who had been diagnosed at least five years before the pandemic, ensuring they were likely in remission. Among them, 487 individuals tested positive for COVID-19 and these were compared to 4,350 matched controls who tested negative.

    After excluding those cancer patients who died from COVID-19, the researchers found that cancer patients who tested positive for COVID-19 faced an almost doubling of risk of dying from cancer compared to those patients with cancer who had tested negative. “The effect was most pronounced in the first year after infection,” said Dr. Vermeulen. The rapid progression to cancer mirrors the observed quick expansion of dormant cancer cells in the animal models.

    From the second population study, the U.S. Flatiron Health database, researchers Drs. Junxiao Hu and Dexiang Gao drew data pertaining to female breast cancer patients seen at 280 U.S. cancer clinics. They compared the incidence of metastases to the lung among COVID-19-negative patients and COVID-19-positive patients (36,216 and 532 patients respectively). During the follow-up period of approximately 52 months, those patients who came down with COVID-19 were almost 50% more likely to experience metastatic progression to the lungs compared with patients with breast cancer without a diagnosis of COVID-19.

    “Our findings suggest that cancer survivors may be at increased risk of metastatic relapse after common respiratory viral infections,” said Dr. Vermeulen. “It is important to note that our study focused on the period before COVID-19 vaccines were available.”

    “By understanding underlying mechanisms, we will work hard to develop interventions that can limit the risk of metastatic progression in cancer survivors who experience respiratory viral infections. We also plan to extend our analyses, both in animal models and through mining of clinical data, to other cancer types and other sites of metastatic disease,” Dr. DeGregori said. “Respiratory viral infections are forever a part of our lives, so we need to understand the longer-term consequences of these infections.”     

    Reference: Chia SB, Johnson BJ, Hu J, et al. Respiratory viral infections awaken metastatic breast cancer cells in lungs. Nature. 2025:1-11. doi: 10.1038/s41586-025-09332-0

    This article has been republished from the following materials. Note: material may have been edited for length and content. For further information, please contact the cited source. Our press release publishing policy can be accessed here.

    Continue Reading

  • FCA Consultation on new rules for Deferred Payment Credit (unregulated Buy Now Pay Later) – TLT LLP

    1. FCA Consultation on new rules for Deferred Payment Credit (unregulated Buy Now Pay Later)  TLT LLP
    2. FCA Publishes New Proposals for Buy Now, Pay Later Regulation: One-Year Countdown to July 2026 Implementation  JD Supra
    3. Buy now, pay later shake-up explained as shoppers face being refused credit  The Mirror
    4. Anyone using ‘buy now, pay later’ warned of five changes next summer  Birmingham Live
    5. Ways to avoid buy now, pay later problems as rules set to change  Chelmsford Weekly News

    Continue Reading

  • Group Sector Automotive introduces itself as AUMOVIO with Technologies for Future Mobility

    Group Sector Automotive introduces itself as AUMOVIO with Technologies for Future Mobility

    Frankfurt, July 31, 2025. Continental’s Automotive group sector will participate at the international mobility fair “IAA Mobility” in Munich in September – for the first time under the brand of the new independent company AUMOVIO. From September 9 to 12, 2025 (with a press day on September 8), visitors will be able to experience pioneering technology highlights for the mobility sector. These will be exhibited at the AUMOVIO booth (Hall B1, Booth B01) in four areas that reflect four key industry themes: “safe,” “inspiring,” “connected” and “autonomous.”

    AUMOVIO has emerged out of Continental’s Automotive group sector – pooling together Continental’s consolidated automotive expertise in a new technology and electronics company with a lean and agile organizational structure.

    “The ´IAA Mobility 2025´ is the ideal platform to introduce AUMOVIO to the automotive world – with exciting products and pioneerng innovations,” says Philipp von Hirschheydt, CEO of AUMOVIO. “We have bundled our unique expertise into one company that is focused on key technologies. Together with our customers, we can now shape the future of mobility and create value in a more focused way.”

    Continue Reading

  • BIS international banking statistics and global liquidity indicators at end-March 2025

    BIS international banking statistics and global liquidity indicators at end-March 2025

    Key takeaways

        • Global cross-border bank credit expanded by $1.5 trillion in the first quarter of 2025, reaching a record $34.7 trillion.
        • The increase was driven by lending to non-bank financial institutions (NBFIs), whose annual growth rate rose to 14%.
        • Cross-border bank credit to emerging market and developing economies (EMDEs) expanded by $100 billion.
        • The BIS global liquidity indicators show that foreign currency credit in dollar, euro and yen grew respectively by 5%, 10% and 6% year-on-year at the end of the first quarter of 2025.

    Cross-border bank credit reached new heights

    The BIS locational banking statistics (LBS) show a significant expansion in cross-border bank credit1 in Q1 2025. The increase was $1.5 trillion, adjusting for exchange rates and breaks in series, and $0.7 trillion when accounting for seasonal effects (Graph 1.A). The increase in credit during this quarter was denominated mainly in US dollars ($0.8 trillion) and euros ($0.5 trillion). At end-Q1 2025, the global stock of cross-border bank credit stood at $34.7 trillion, surpassing the pre-Great Financial Crisis peak ($33.6 trillion) (Graph 1.B).2

    The latest increase in cross-border bank credit pushed up its year-on-year growth rate to 7% (Graph 1.C). It was primarily driven by credit to borrowers located in advanced economies (AEs), whose stock reached $28.1 trillion at end-Q1 2025.

    The bulk ($678 billion) of the increase went to non-bank financial institutions (NBFIs) (Graph 2.A). The year-on-year growth in credit to NBFIs rose to 14% at end-Q1 2025, the highest since Q3 2019 (Graph 2.B). Growth rates at end-Q1 2025 were roughly even across US dollar, euro and yen credit. Nevertheless, dollar positions, which account for the bulk of global lending to NBFIs, were the main drivers of the latest overall quarterly increase.

    Global cross-border bank credit

    Most of the Q1 2025 increase in bank credit to NBFIs occurred among major advanced economies and financial centres. About two thirds of the global increase ($456 billion) went to NBFIs located in the Cayman Islands ($237 billion), Japan ($131 billion) and the United Kingdom ($88 billion) and only $26 billion went to NBFI borrowers in EMDEs (Graph 3.A). The vast majority ($585 billion) of the global increase came from banks located in three AE jurisdictions: the United States, France and the United Kingdom (Graph 3.B).

    Cross-border bank credit to NBFIs

    Cross-border bank credit to EMDEs continued to expand (Graph 4.A). It rose by $100 billion in Q1 2025, with its outstanding stock increasing to $5.9 trillion. The largest expansion ($52 billion) was vis-à-vis borrowers in Africa and the Middle East (Graph 4.A). Borrowers in emerging Europe and Latin America saw increases of $30 billion and $21 billion, respectively. Meanwhile, credit to borrowers in the Asia-Pacific region declined by $2 billion.

    A large part of the expansion of cross-border bank credit to EMDEs in Q1 2025 was denominated in the Chinese renminbi ($45 billion).3 This was almost entirely due to an expansion in renminbi credit ($44 billion) to borrowers in Asia-Pacific, which was largely offset by a contraction in dollar credit (–$40 billion) to those borrowers. Borrowers in other EMDEs saw an expansion in dollar credit ($63 billion), while renminbi credit remained virtually unchanged.

    This continued a pattern of increased lending denominated in renminbi over recent years. The cumulative expansion in renminbi cross-border bank credit to EMDE borrowers (mainly in the Asia-Pacific region) since Q1 2021 reached $373 billion in Q1 2025, amid a cumulative decline in dollar credit amounting to $257 billion over the same period (Graph 4.B). The year 2022 marked a turning point away from dollar- and euro-denominated credit and towards renminbi-denominated credit, corresponding to the monetary tightening cycles in the United States and the euro area.

    Cross-border bank credit to EMDEs

    Since 2020, consolidated bank exposures4 to AEs rose considerably. The most notable expansion was vis-à-vis the United States. Foreign claims5 – those on borrowers outside of the bank’s country of headquarters – where the ultimate obligor was from the United States have risen from $6.9 trillion in mid-2020 to $9.5 trillion at end-Q1 2025 (Graph 5.A). Over this same time span, the counterparty sector composition of foreign claims on AEs has been shifting away from banks and private non-financial borrowers (falling by 2 percentage points each) and towards the NBFI and official sectors (rising by 2 and 1 percentage points, respectively).6

    Consolidated foreign claims

    Global liquidity indicators at end-March 2025

    The BIS global liquidity indicators track total credit to non-bank borrowers, covering both loans extended by banks and funding from international bond markets. This is broader than the bank credit considered in the previous section. International bond funding is captured through the net issuance (gross issuance less redemptions) of international debt securities. The focus is on foreign currency credit denominated in the three major reserve currencies (US dollar, euro and Japanese yen) to non-residents, ie borrowers outside the respective currency areas.

    Foreign currency credit saw elevated or rising growth rates. Year-on-year growth in foreign currency dollar credit (ie to borrowers outside the United States) was 5% as of Q1 2025 (up from 3% posted the previous quarter), reaching $13.7 trillion. The comparable figures for euro and yen stood at 10% (reaching €4.6 trillion) and 6% (reaching ¥65.6 trillion), respectively (Graph 6.A). While the growth rates of dollar and euro foreign currency credit have been rising since 2023, the growth rate of yen credit outside of Japan, though still robust, has been falling since Q3 2024. The yen slowdown came after the start of monetary tightening in Japan and the August 2024 carry trade unwinding, following growth rates of well over 10% during the preceding two years.

    The year-on-year growth rates of credit to residents of the respective currency areas were considerably lower than their non-resident (foreign currency) counterparts and trending down. Dollar credit to US residents remained positive at 3% (at end-Q1 2025) but continued a declining trend seen over the past four years (Graph 6.B). Euro credit growth within the euro area also remained low (2%), while growth in yen credit to borrowers in Japan dipped just below 0%.

    Credit growth in major currencies

    Continue Reading