Global Economic Briefing:

Global Liquidity
Yardeni Research, Inc.

May 17, 2022

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Debbie Johnson
480-664-1333
djohnson@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

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Table Of Contents Table Of Contents
Global Liquidity Supply 1
International Reserves & World Exports 2
Foreign Exchange Holdings 3
COFER 4
Allocated Official Foreign Exchange Reserves 5
Foreign Official Dollar Reserves (FRODOR) 6
US Treasuries & Agencies 7-8
Foreign Holders 9-10
Non-Gold Reserves: Emerging vs. Advanced 11
Non-Gold Reserves: Asia 12-13
Non-Gold Reserves: Latin America 14
Non-Gold Reserves: Middle East 15
Miscellaneous 16-17

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 Global Liquidity Supply
Figure 1.
20.5 20.5
18.5 GLOBAL LIQUIDITY SUPPLY Oct 18.5
16.5 (trillion dollars, ratio scale) 16.5
14.5 14.5
12.5 Oct 12.5
10.5 10.5
8.5 Global Liquidity Supply* 8.5
Non-Gold
6.5 International Reserves 6.5

4.5 4.5

2.5 2.5

yardeni.com
.5 .5
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

* Non-gold international reserves plus Fed’s holdings of US Treasuries and Agencies.

Source: International Monetary Fund (IMF) and Federal Reserve Board.

Figure 2.
40 40
GLOBAL LIQUIDITY SUPPLY*
(yearly percent change)

30 30
Global Liquidity Supply* (23.1)
Non-Gold
International Reserves (5.8) Oct
20 20

10 10

0 0

yardeni.com
-10 -10
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

* Non-gold international reserves plus Fed’s holdings of US Treasuries and Agencies.

Source: International Monetary Fund (IMF) and Federal Reserve Board.

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 International Reserves & World Exports
Figure 3.
24.1 24.1
WORLD EXPORTS vs NON-GOLD INTERNATIONAL RESERVES Jul
18.1 18.1
(trillion dollars, ratio scale)
12.1 Oct 12.1

6.1 6.1

World Exports
(12-month sum)
Non-Gold
International Reserves

yardeni.com
.1 .1
75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: International Monetary Fund (IMF).

Figure 4.
60 60
NON-GOLD INTERNATIONAL RESERVES & WORLD EXPORTS
(yearly percent change)

40 40

20 20

Oct
Jul
0 0

Non-Gold
-20 International Reserves (5.8) -20
Value of World Exports* (3.5)

yardeni.com
-40 -40
75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25

* Yearly percent change in 12-month average.

Source: International Monetary Fund (IMF).

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 Foreign Exchange Holdings
Figure 5.
14.1 14.1
13.1 NON-GOLD INTERNATIONAL RESERVES vs FOREIGN EXCHANGE HOLDINGS Oct 13.1
12.1 (trillion dollars, ratio scale) 12.1
11.1 11.1
10.1 10.1
9.1 9.1
8.1 8.1
7.1 All Central Banks 7.1
6.1 Total Foreign Exchange 6.1
Holdings (12.3)
5.1 Non-Gold 5.1
International Reserves (12.7)
4.1 4.1

3.1 3.1

2.1 2.1

yardeni.com
1.1 1.1
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: International Monetary Fund (IMF).

Figure 6.
13.8 13.8
12.8 INTERNATIONAL RESERVES HELD BY ALL CENTRAL BANKS Oct 12.8
11.8 Q3 11.8
10.8 (trillion dollars, ratio scale) 10.8
9.8 9.8
8.8 8.8
7.8 7.8
6.8 Q3 6.8
5.8 5.8

4.8 4.8

3.8 3.8

2.8 2.8

All Central Banks

1.8 Non-Gold International Reserves (12.7) 1.8
Total Foreign Exchange Holdings (12.3)
Total Allocated Reserves (11.5)
Allocated Reserves in US Dollars (6.9)

yardeni.com
.8 .8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: International Monetary Fund (IMF).

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 COFER
Figure 7.
15 15
CURRENCY COMPOSITION OF
OFFICIAL FOREIGN EXCHANGE
RESERVES (COFER)
(trillion dollars)

Q3
All Countries
10
Allocated Reserves 10
Total
US Dollars
Other Currencies

5 5
Q3

yardeni.com
0 0
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: International Monetary Fund (IMF).

Figure 8.
78 78
CURRENCY COMPOSITION OF OFFICIAL FOREIGN EXCHANGE RESERVES (COFER)
(percent)

73 73

Dollars as a percent
of allocated reserves

68 68

63 63

Q3

yardeni.com
58 58
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: International Monetary Fund (IMF).

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 Allocated Official Foreign Exchange Reserves
Figure 9.
15 75
CURRENCY COMPOSITION OF ALL CLAIMS IN US DOLLARS
OFFICIAL FOREIGN EXCHANGE (as a percent of Allocated Reserves)
RESERVES (COFER)
(trillion dollars) Q3

10 All Countries 70
Allocated All Countries
Reserves
Claims in
US Dollars Q3

5 65

Q3
0 60
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
4 74
73
Industrial Countries Q1
72
Allocated Reserves Industrial Countries 71
3
Claims in 70
US Dollars 69
Q1 68
2 67
66
65
Q1
64
1
63
62
61
0 60
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
4 78
76
Developing Countries
74
Allocated Q1
3 Reserves 72
Developing Countries
70
Claims in
US Dollars Q1 68
Q1
2 66
64
62
1 60
58
56
yardeni.com
0 54
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Source: International Monetary Fund (IMF).

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 Foreign Official Dollar Reserves (FRODOR)
Figure 10.
13.6 13.6
12.6 NON-GOLD INTERNATIONAL RESERVES & FRODOR Oct 12.6
11.6 (trillion dollars, ratio scale) 11.6
10.6 10.6
9.6 9.6
8.6 8.6
7.6 7.6

6.6 6.6
Non-Gold
5.6 International Reserves 5.6
Foreign Official Dollar Reserves:
4.6 US Treasuries & Agencies 4.6
Held By Foreign Central Banks

3.6 3.6
5/11

2.6 2.6

yardeni.com
1.6 1.6
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: International Monetary Fund (IMF).

Figure 11.
4650 4650
4150 FOREIGN OFFICIAL DOLLAR RESERVES* 4150
3650 (billion dollars, ratio scale) 3650
3150 5/11 3150
2650 2650
2150 2150

1650 1650

1150 1150

US Treasuries
US Agencies
650 US Treasuries & Agencies 650

yardeni.com
150 150
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Held by foreign official institutions at the Fed. Average of week ending Wednesday.
Source: Federal Reserve Board, Table H.4.1.

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 US Treasuries & Agencies
Figure 12.
6000 6000
US TREASURIES & AGENCIES HELD BY FED 5/11
5600 (billion dollars) 5600

5200 5200

4800 4800

4400 US Treasuries (5766.1) 4400

4000
US Agencies (2717.4) 4000

3600 3600

3200 3200

2800 5/11 2800

2400 2400

2000 2000

1600 1600

1200 1200

800 800

400 400
yardeni.com
0 0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Federal Reserve Board, Table H.4.1.

Figure 13.
12000 12000
US TREASURIES & AGENCIES HELD BY FED & FOREIGN CENTRAL BANKS 5/11
(billion dollars)

10000 10000

Total (11823.3)

8000 8000

6000 6000

4000 4000

yardeni.com
2000 2000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Federal Reserve Board.

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 US Treasuries & Agencies
Figure 14.
9.2 9.2
US TREASURIES & AGENCIES HELD BY:
(trillion dollars, nsa) 5/11
8.4 8.4

7.6 7.6

6.8 6.8
Foreign Central Banks
Federal Reserve
6.0 6.0
US Commercial Banks
5.2 5.2

5/4
4.4 4.4

3.6 3.6
5/11
2.8 2.8

2.0 2.0

1.2 1.2

yardeni.com
.4 .4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Federal Reserve Board.

Figure 15.
17500 17500
US TREASURIES & AGENCIES HELD BY:
16500 (billion dollars, nsa) 5/4 16500
15500 15500
14500 14500
13500 13500
Fed + Foreign Central Banks + 5/4
12500 US Commercial Banks 12500
11500 Fed + US Commercial Banks 11500
10500 10500
9500 9500
8500 8500
7500 7500
6500 6500
5500 5500
4500 4500
3500 3500
2500 2500
yardeni.com
1500 1500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Federal Reserve Board.

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 Foreign Holders
Figure 16.
8000 8000
MAJOR FOREIGN HOLDERS OF US TREASURY SECURITIES Mar
(billion dollars)

6000 6000
Grand Total
Foreign Official Instititutions
Held by Foreign Central Banks
4000 4000

2000 2000

0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

80 80

75 75

70 70

65 65

Foreign Official Institutions

(as a percent of Grand Total)
60 60

55 55
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Mar
55 55

50 50

45 45

40 40

35 35
Mar
30 30

25 Grand Total 25
(as a percent of public debt)
Foreign Official Institutions
20 (as a percent of public debt) 20
Mar
yardeni.com
15 15
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: US Department of the Treasury, Office of International Affairs, US Treasury, and Federal Reserve Board.

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 Foreign Holders
Figure 17.
38 38
FOREIGN OFFICIAL INSTITUTIONS HOLDINGS OF US TREASURY SECURITIES
(as a percent on Non-Gold International Reserves)
36 36

34 34

Oct
32 32

30 30

28 28

26 26

24 24

yardeni.com
22 22
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: US Department of the Treasury, Office of International Affairs, and International Monetary Fund.

Figure 18.
40 140
TRADE-WEIGHTED DOLLAR vs. FOREIGN OFFICIAL INSTITUTIONS HOLDINGS
OF US TREASURY SECURITIES
38 (as a percent of Non-Gold International Reserves) 135

Dec 130
36

125
34

Oct 120
32
115
30
Broad Trade-Weighted 110
Dollar
28
105
Foreign Institutions Holdings
26 of US Treasury Securities
100

24 95

yardeni.com
22 90
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: US Department of the Treasury, Office of International Affairs, and International Monetary Fund.

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 Non-Gold Reserves: Emerging vs. Advanced
Figure 19.
12.5 12.5
NON-GOLD INTERNATIONAL RESERVES: ADVANCED & EMERGING ECONOMIES
10.5 10.5
(trillion dollars, ratio scale)
8.5 8.5
Oct
6.5 6.5
Oct
4.5 4.5

2.5 2.5

Emerging Economies (7.3)

Advanced Economies* (5.4)

yardeni.com
.5 .5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Includes United States, Canada, Australia, Japan, New Zealand, Austria, Belgium, Luxembourg, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and United Kingdom.
Source: IMF International Financial Statistics.

Figure 20.
80 80
NON-GOLD INTERNATIONAL RESERVES: EMERGING vs ADVANCED COUNTRIES
(yearly percent change in 12-month average)

60 60

Emerging Countries
Advanced Countries*
40 40

20 20

Oct
0 0

yardeni.com
-20 -20
75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23

* Includes United States, Canada, Australia, Japan, New Zealand, Austria, Belgium, Luxembourg, Denmark, Finland, France, Germany, Greece, Iceland,
Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and United Kingdom.
Source: IMF International Financial Statistics.

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 Non-Gold Reserves: Asia
Figure 21.
4810 4810
4210 NON-GOLD INTERNATIONAL RESERVES 4210
3610 3610
3010 (billion dollars, ratio scale) Sep 3010
2410 2410
1810 1810

1210 Nov
Sep 1210

610 610

Asia Ex Japan & China

China
Japan

yardeni.com
10 10
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Source: IMF International Financial Statistics.

Figure 22.
631 631
541 NON-GOLD INTERNATIONAL RESERVES 541
451 Apr 451
361 (billion dollars, ratio scale) 361
271 271
181 181

91 91

South Korea
Taiwan
India

yardeni.com
1 1
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: IMF International Financial Statistics.

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 Non-Gold Reserves: Asia
Figure 23.
457 457
392 NON-GOLD INTERNATIONAL RESERVES Apr 392
327 (billion dollars, ratio scale) 327
262 262
197 197

132 Apr 132

Apr

67 67

Malaysia
Indonesia
Singapore

yardeni.com
2 2
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: IMF International Financial Statistics.

Figure 24.
275.2 275.2
220.2 NON-GOLD INTERNATIONAL RESERVES Apr 220.2
165.2 (billion dollars, ratio scale) 165.2
110.2 110.2
Apr

55.2 55.2

Thailand
Philippines

yardeni.com
.2 .2
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: IMF International Financial Statistics.

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 Non-Gold Reserves: Latin America
Figure 25.
730 730
650 NON-GOLD INTERNATIONAL RESERVES Oct 650
570 (billion dollars, ratio scale) 570
490 490
410 410
330 330

250 250

170 170

90 90

Latin America*

yardeni.com
10 10
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

* Argentina, Brazil, Chile, and Mexico.

Source: IMF International Financial Statistics.

Figure 26.
480.5 480.5
400.5 NON-GOLD INTERNATIONAL RESERVES 400.5
320.5 (billion dollars, ratio scale) 320.5
240.5 240.5
Nov
160.5 160.5

80.5 80.5

Mexico
Brazil
Argentina
Chile

yardeni.com
.5 .5
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: IMF International Financial Statistics.

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 Non-Gold Reserves: Middle East
Figure 27.
1340 1340
1240 NON-GOLD INTERNATIONAL RESERVES 1240
1140 1140
1040 (billion dollars, ratio scale) 1040
940 May 940
840 840
740 740
640 640
540 540
440 440

340 340

240 240

140 Middle East 140

yardeni.com
40 40
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Source: IMF International Financial Statistics.

Figure 28.
912 912
782 NON-GOLD INTERNATIONAL RESERVES 782
652 652
(billion dollars, ratio scale)
522 522
Oct
392 392

262 262

132 132

Saudi Arabia

yardeni.com
2 2
87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: IMF International Financial Statistics.

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 Miscellaneous
Figure 29.
140 140
NON-GOLD INTERNATIONAL RESERVES
(billion dollars, nsa)
120 120

100 100

Turkey
80 80

Feb
60 60

40 40

20 20

yardeni.com
0 0
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: Central Bank of the Republic of Turkey.

Figure 30.
55 55
NON-GOLD INTERNATIONAL RESERVES Apr
(billion dollars, nsa)
50 50

45 45

40 40

35 South Africa 35

30 30

25 25

20 20

15 15

10 10

5 5

yardeni.com
0 0
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Source: South African Reserve Bank.

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 Miscellaneous
Figure 31.
800 800
RUSSIA: NON-GOLD INTERNATIONAL RESERVES Latest (498.0)
(billion dollars, nsa)
700 700

600 600

500
Russia 500
Jan

400 400

300 300

200 200

100 100

yardeni.com
0 0
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Source: Central Bank of the Russian Federation.

Figure 32.
15 15
CURRENCY COMPOSITION OF
OFFICIAL FOREIGN EXCHANGE
RESERVES (COFER)
(trillion dollars) Oct

Q3
All Countries
10
Allocated Reserves 10
Total (11.5)
US Dollars (6.9)
Other Currencies (4.5)
Non-Gold
International Reserves (12.7) Q3

5 5
Q3

yardeni.com
0 0
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: International Monetary Fund (IMF).

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