Central Banks:

Monthly Balance Sheets

Yardeni Research, Inc.

March 8, 2021

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

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

Please visit our sites at

www.yardeni.com
blog.yardeni.com

thinking outside the box

Table Of Contents Table Of Contents
Total Assets of Major Central Banks 1-4
PBOC 5
Total Assets 6

March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 Total Assets of Major Central Banks
Figure 1.
9.0 9.0
MAJOR CENTRAL BANKS: TOTAL ASSETS
8.5 (trillion dollars, nsa) 8.5
8.0 8.0
7.5 7.5
7.0 Fed (Feb=7.6) 7.0
6.5 ECB (Feb=8.6) 6.5
BOJ (Feb=6.8)
6.0 6.0
PBOC (Jan=6.0)
5.5 5.5
5.0 5.0
4.5 4.5
4.0 4.0
3.5 3.5
3.0 3.0
2.5 2.5
2.0 2.0
1.5 1.5
1.0 1.0
yardeni.com
.5 .5
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Haver Analytics.

Figure 2.
29 Jan 29
MAJOR CENTRAL BANKS: TOTAL ASSETS
27 (trillion dollars, nsa) 27

25 25

23 23

21 21
Total of
Fed, ECB, BOJ, & PBOC (28.8)
19 19

17 17

15 15

13 13

11 11

9 9

7 7

5 5
yardeni.com
3 3
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Haver Analytics.

Page 1 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 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

Jan
40 40

30 Latest (44.0) 30

20 20

10 10

0 0

yardeni.com
-10 -10
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Haver Analytics.

Figure 4.
80 80
MAJOR CENTRAL BANKS: TOTAL ASSETS OF FED, ECB, & BOJ
(yearly percent change)

60 Latest (57.5) 60
Feb

40 40

20 20

0 0

yardeni.com
-20 -20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Haver Analytics.

Page 2 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 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=33.4)
100 ECB (Q3=55.3) 100
BOJ (Q4=127.1)
PBOC (Q4=35.1)
80 80

60 60

40 40

20 20

yardeni.com
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.
4000 23
3800 S&P 500 & ASSETS OF MAJOR CENTRAL BANKS 3/8 22
21
3600
20
3400
QE1+ QE3+ QT RM 19
3200 18
3000 17
2800 16
2600 QE1 QE2 QE3 15
14
2400
13
2200
12
2000 11
1800 QE4 10
S&P 500 Index 9
1600
1400 8
Total Assets of 7
1200 Fed, ECB, BOJ
(in dollars) 6
1000
5
800 4
yardeni.com
600 3
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 Total Assets of Major Central Banks
Figure 7.
32 9.1
TOTAL ASSETS OF MAJOR CENTRAL BANKS Feb
30
(all in trillions of US dollars) Jan 8.2
28
26 7.3
24 Total ECB (8.6)
22 Assets* (28.8) 6.4
20
5.5
18
16 4.6
14
12 3.7

10
2.8
8
6 1.9
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
8.6 6.2
Jan
7.8
Feb 5.7
7.0 PBOC (6.0)
Fed (7.6) 5.2
6.2
4.7
5.4

4.6 4.2

3.8
3.7
3.0
3.2
2.2
2.7
1.4
yardeni.com
.6 2.2
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
7.2 25
6.8 Feb
Feb 23
6.4
6.0 21
5.6
19
5.2 BOJ (6.8) Total
4.8 Ex PBOC (22.9) 17
4.4 15
4.0
3.6 13
3.2 11
2.8
9
2.4
2.0 7
1.6
5
1.2
.8 3
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 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 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 PBOC
Figure 8.
6.1 Jan 6.1
5.6
5.1
PBOC ASSETS 5.6
5.1
4.6 (trillion dollars, nsa, ratio scale) 4.6
4.1 4.1
3.6 3.6
3.1 3.1
2.6 2.6
2.1 2.1

1.6 1.6

1.1 1.1

.6 .6

Total Assets (6.0)

Foreign Exchange Assets (3.3)
Nongold International Reserves
Held by China (IMF data) (3.2)

yardeni.com
.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/ 75

Total PBOC Assets

70 70

65 65

60 60

55 Jan 55

50 50

45 45

40 40

yardeni.com
35 35
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.

Page 5 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
 Total Assets
Figure 10.
7.8 7.8
TOTAL ASSETS Feb
7.0 7.0
6.2 6.2
5.4 Fed 5.4
4.6 (trillion dollars) (7.6) 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

8 8

7 Feb 7

6 6
ECB
5 (trillion euros) (7.1) 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 Feb 700

600 600

500 BOJ 500

(trillion yen) (712.6)
400 400

300 300

200 200

100 100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

45 45

40 40
Jan

35 35
PBOC
30 (trillion yuan) (38.9) 30

25 25

20 20
yardeni.com
15 15
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Souce: Haver Analytics.

Page 6 / March 8, 2021 / Monthly Balance Sheets Yardeni Research, Inc.

www.yardeni.com
Copyright (c) Yardeni Research, Inc. 2021. All rights reserved. The information
contained herein has been obtained from sources believed to be reliable, but is not
necessarily complete and its accuracy cannot be guaranteed. No representation or
warranty, express or implied, is made as to the fairness, accuracy, completeness, or
correctness of the information and opinions contained herein. The views and the other
information provided are subject to change without notice. All reports and podcasts posted on
http://blog.yardeni.com
www.yardeni.com, blog.yardeni.com, and YRI’s Apps are issued
without regard to the specific investment objectives, financial situation, or particular needs
of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell
any securities or related financial instruments. Past performance is not necessarily a guide
to future results. Company fundamentals and earnings may be mentioned occasionally, but
should not be construed as a recommendation to buy, sell, or hold the company’s stock.
Predictions, forecasts, and estimates for any and all markets should not be construed as
recommendations to buy, sell, or hold any security--including mutual funds, futures
contracts, and exchange traded funds, or any similar instruments.

The text, images, and other materials contained or displayed on any Yardeni Research, Inc.
product, service, report, email or website are proprietary to Yardeni Research, Inc. and
constitute valuable intellectual property. No material from any part of www.yardeni.com,
http://blog.yardeni.com
blog.yardeni.com, and YRI’s Apps may be downloaded, transmitted,
broadcast, transferred, assigned, reproduced or in any other way used or otherwise
disseminated in any form to any person or entity, without the explicit written consent of
Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni
Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary
and intellectual property rights, including but not limited to, rights of privacy. Yardeni
Research, Inc. expressly reserves all rights in connection with its intellectual property,
including without limitation the right to block the transfer of its products and services and/or
to track usage thereof, through electronic tracking technology, and all other lawful means,
now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further
notice, to pursue to the fullest extent allowed by the law any and all criminal and civil
remedies for the violation of its rights.

The recipient should check any email and any attachments for the presence of viruses.
Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted
by this company’s emails, website, blog and Apps. Additional information available on
request.
requests@yardeni.com