Asia was the centre of the action for cross-border lending during the December quarter, according to the latest Bank for International Settlements quarterly review.Overall, cross-border bank lending by BIS reporting banks contracted during the December quarter - the seventh consecutive quarter of contraction. The US$122 billion reduction was a fall of 0.4 per cent.Euro-denominated claims contracted substantially, while cross-border lending in US dollars and yen expanded. Boosted by strong growth in lending to China, cross-border claims in emerging Asia continued their steady expansion, increasing by US$115 billion (or 6.4 per cent).China accounted for US$81 billion of the increase, representing growth of 9.1 per cent. Another Asian market that reported growth in cross-border lending during the quarter was Indonesia (up 5.2 per cent). India was flat.