One measure of global liquidity is non-gold international reserves (NGIR), which is compiled monthly by the IMF. It rose to a record high of $9.59tn during November 2010. It is up 33% over the past two years. It has doubled since June 2006. NGIR does not include the Fed’s holdings of US Treasury and Agency securities. Adding these to NGIR shows that the Global Liquidity Supply (GLS) rose to a record $11.6tn during November of last year. It is up 51.4% over the past two years, and has doubled since October 2006.
The holdings of US Treasuries and Agencies by all central banks rose to a record $5.59tn last week, up 82.3% over the past two years.