Monthly Balance Sheets

Central Banks: Monthly Balance Sheets

Yardeni Research, Inc.

February 14, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Mali Quintana

480-664-1333 aquintana@

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Table Of Contents Table Of Contents

Total Assets of Major Central Banks

1-4

PBOC

5

Total Assets

6

February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Total Assets of Major Central Banks

Figure 1.

10.5

10.0

MAJOR CENTRAL BANKS: TOTAL ASSETS (trillion dollars, nsa)

9.5

9.0

8.5

8.0

Fed (Jan=8.8)

7.5

ECB (Jan=9.8)

7.0

BOJ (Jan=6.3) PBOC (Dec=6.2)

6.5

6.0

5.5

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

.5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Haver Analytics.

10.5 10.0 9.5 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 .5 2021 2022

Figure 2.

31

MAJOR CENTRAL BANKS: TOTAL ASSETS 29 (trillion dollars, nsa)

Dec

31

29

27

27

25

25

23

23

Total of

21

Fed, ECB, BOJ, & PBOC (31.0)

21

19

19

17

17

15

15

13

13

11

11

9

9

7

7

5

5



3

3

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Haver Analytics.

Page 1 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Total Assets of Major Central Banks

Figure 3.

60

60

MAJOR CENTRAL BANKS: TOTAL ASSETS OF FED, ECB, BOJ, & PBOC

(yearly percent change)

50

50

40

40

30

Latest (8.5)

30

20

20

10

Dec

10

0

0

-10 2009

2010

2011

Source: Haver Analytics.

2012

2013

2014

2015

2016

2017

2018

2019

2020

-10

2021 2022

Figure 4.

80

80

MAJOR CENTRAL BANKS: TOTAL ASSETS OF FED, ECB, & BOJ

(yearly percent change)

60

Latest (9.4)

60

40

40

20

20

Jan

0

0

-20 2007 2008 2009

Source: Haver Analytics.

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

-20

2021 2022

Page 2 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Total Assets of Major Central Banks

Figure 5.

140

140

TOTAL ASSETS OF MAJOR CENTRAL BANKS

(as a percent of local currency nominal GDP)

120

120

Fed (Q4=35.8)

100

ECB (Q3=64.8)

100

BOJ (Q3=134.6)

PBOC (Q4=33.4)

80

80

60

60

40

40

20

20



0

0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Haver Analytics.

Figure 6.

4800

4600 S&P 500 & ASSETS OF MAJOR CENTRAL BANKS

4400

4200

4000 3800 3600

QE1+

QE3+

QT S&P 500 Index

3400

3200

QE1

3000

QE2

QE3

Total Assets of Fed, ECB, BOJ (in dollars)

2800

2600

2400

2200

2000

1800

1600

1400

1200

1000

800

600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

RM QE4

2019 2020

Jan

25

24

2/14 23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3 2021 2022

Note: QE1 (11/25/08-3/31/10) = $1.24tn in mortgage securities; expanded (3/16/09-3/31/10) = $300bn in Treasuries. QE2 (11/3/10-6/30/11) = $600bn in Treasuries. QE3 (9/13/12-10/29/14) = $40bn/month in mortgage securities (open ended); expanded (12/12/12-10/1/14) = $45bn/month in Treasuries. QT (10/1/17-7/31/19) = balance sheet pared by $675bn. RM (11/1/19-3/15/20) = reserve management, $60bn/month in Treasury bills. QE4 (3/16/20-infinity). Source: Federal Reserve Board, Standard & Poor's and Haver Analytics.

Page 3 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Total Assets of Major Central Banks

Figure 7.

34

TOTAL ASSETS OF MAJOR CENTRAL BANKS

32 (all in trillions of US dollars)

Dec

30

28

26

Total

24

Assets* (31.0)

22

20

18

16

14

12

10

8

6 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

9.4

8.6

Jan

7.8 Fed (8.8)

7.0

6.2

5.4

4.6

3.8

3.0

2.2

1.4

.6 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

7.2

6.8

6.4

Jan

6.0

5.6

5.2

BOJ (6.3)

4.8

4.4

4.0

3.6

3.2

2.8

2.4

2.0

1.6

1.2

.8 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Jan 10.0 9.1

8.2

ECB (9.8)

7.3

6.4

5.5

4.6

3.7

2.8

1.9 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

6.7

Dec

6.2

PBOC (6.2)

5.7

5.2

4.7

4.2

3.7

3.2

2.7

2.2

08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Jan 25

23

21

19

Total

Ex PBOC (24.9)

17

15

13

11

9

7

5

3 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

*Includes Fed, ECB, Bank of Japan, and PBOC. Source: Haver Analytics.

Page 4 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Figure 8.

7.1 6.1

PBOC ASSETS

5.1 (trillion dollars, nsa, ratio scale)

4.1

3.1

2.1

1.1

PBOC

7.1 Dec 6.1

5.1 4.1 3.1

2.1

1.1

Total Assets (6.2)

Foreign Exchange Assets (3.3)

Nongold International Reserves Held by China (IMF data) (3.3)



.1

.1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: People's Bank of China and IMF.

Figure 9.

85

85

PBOC ASSETS

(percent)

80

80

75

Foreign Exchange Held/ Total PBOC Assets

75

70

70

65

65

60

60

55

55

Dec

50

50

45

45

40

40



35

35

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: People's Bank of China and IMF.

Page 5 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



Total Assets

Figure 10.

10.2

9.4 TOTAL ASSETS

8.6

10.2

9.4

Jan

8.6

7.8

7.8

7.0

Fed

7.0

6.2

(trillion dollars) (8.8)

6.2

5.4

5.4

4.6

4.6

3.8

3.8

3.0

3.0

2.2

2.2

1.4

1.4

.6

.6

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

9

9

Jan

8

8

7

7

6

ECB (trillion euros) (8.6)

6

5

5

4

4

3

3

2

2

1

1

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

800

800

700

Jan

700

600

600

500

BOJ

500

400

(trillion yen) (725.1)

400

300

300

200

200

100

100

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

45

45

40

35

PBOC

30

(trillion yuan) (39.6)

Dec

40

35

30

25

25

20

15 2008 2009 2010

Souce: Haver Analytics.

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

20

15

2021 2022

Page 6 / February 14, 2022 / Monthly Balance Sheets

Yardeni Research, Inc.



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