Après nous, le deleveraging? The rally in the U.S. dollar,coupled with seismic changes in the $2.7 trillion money-market fund(MMF) industry, is sparking a fresh bout of cross-borderdeleveraging, according to new analysis from CitigroupInc.

That's because a stronger dollar tends to pressure foreigncompanies that have borrowed in greenbacks, causing banks to cutdown on their international lending as risks in their corporateloan portfolios increase. Any pullback in cross-border lendingwould intensify concerns that the dollar rally sparked by DonaldTrump's win in the U.S. presidential elections could have aknock-on effect on economic growth around the world.

“Both MMF reform and deleveraging episodes are global growthnegative as they are both harmful for the end users of dollars,”warn Citi analysts led by Jabaz Mathai. “The shift in the U.S. froma monetary to a fiscal stimulus is conducive for dollarstrengthening which may carry into 2017.”