U.S. banks have slashed their exposure to Asian emerging markets this year, while upping the ante in other developing regions, according to a report.

Data compiled by Brown Brothers, Harriman & Co., a New York investment bank, show that cross-border exposure among U.S. banks in Asian emerging market countries excluding Taiwan was $41.3 billion at the end of the first quarter, a 22% drop from the fourth quarter of 1997.

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