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World · where money is moving

In Q2 2026, funding left 8 of 36 borrowing economies; the largest withdrawal was from Japan (−$45bn)

Cite

Cite this view

datasteg (2026), “Money ladder: world”, datasteg money-flow, release 20261102.2, method 1.5, 2 November 2026, https://money-flow.datasteg.com/en/world?r=20261102.2&d=2026-11-02.

Figure note: Source: datasteg money-flow (release 20261102.2, method 1.5), from BIS LBS, BIS DSS, BIS CBS, IMF IRFCL, BIS TC, Fed H.4.1, Fed H.10, US Treasury TIC, BIS GLI, BIS CBTA, IMF COFER, IMF IIP and IMF PIP (CPIS).

BibTeX
@misc{datasteg:mf:world:20261102.2,
  author       = {{datasteg}},
  title        = {Money ladder: world},
  howpublished = {datasteg money-flow, release 20261102.2, method 1.5},
  year         = {2026},
  date         = {2026-11-02},
  url          = {https://money-flow.datasteg.com/en/world?r=20261102.2&d=2026-11-02},
  urldate      = {2026-11-02},
  note         = {Positions from BIS LBS, BIS DSS, BIS CBS, IMF IRFCL, BIS TC, Fed H.4.1, Fed H.10, US Treasury TIC, BIS GLI, BIS CBTA, IMF COFER, IMF IIP, IMF PIP (CPIS)}
}
The datasets' own citations (13)
  • Bank for International Settlements (2026), Locational banking statistics, retrieved 30 October 2026, https://data.bis.org/topics/LBS.
  • Bank for International Settlements (2026), International debt securities, retrieved 27 October 2026, https://data.bis.org/topics/DSS.
  • Bank for International Settlements (2026), Consolidated banking statistics, retrieved 30 October 2026, https://data.bis.org/topics/CBS.
  • International Monetary Fund (2026), International Reserves and Foreign Currency Liquidity, retrieved 29 October 2026, https://data.imf.org/en/datasets/IMF.STA:IRFCL.
  • Bank for International Settlements (2026), Credit to the non-financial sector, retrieved 27 October 2026, https://data.bis.org/topics/TOTAL_CREDIT.
  • Board of Governors of the Federal Reserve System (2026), Federal Reserve statistical releases (H.4.1, H.6), retrieved from FRED, retrieved 31 October 2026, https://fred.stlouisfed.org/, via FRED, Federal Reserve Bank of St. Louis.
  • US Department of the Treasury (2026), Treasury International Capital (TIC) System, foreign holdings of US long-term securities (SLT table 1), retrieved 27 October 2026, https://home.treasury.gov/data/treasury-international-capital-tic-system.
  • Bank for International Settlements (2026), Global liquidity indicators, retrieved 30 October 2026, https://data.bis.org/topics/GLI.
  • Bank for International Settlements (2026), Central bank total assets, retrieved 27 October 2026, https://data.bis.org/topics/CBTA.
  • International Monetary Fund (2026), Currency Composition of Official Foreign Exchange Reserves, retrieved 27 October 2026, https://data.imf.org/en/datasets/IMF.STA:COFER.
  • International Monetary Fund (2026), International Investment Position, retrieved 27 October 2026, https://data.imf.org/en/datasets/IMF.STA:IIP.
  • International Monetary Fund (2026), Portfolio Investment Positions by Counterpart Economy (formerly CPIS), retrieved 27 October 2026, https://data.imf.org/en/datasets/IMF.STA:PIP.
  • European Central Bank (2026), Eurosystem weekly financial statement, retrieved 28 October 2026, https://data.ecb.europa.eu/data/datasets/ILM.
The method's citation

datasteg (2026), “Money-flow methodology”, version 1.5, datasteg money-flow, 2 November 2026, https://money-flow.datasteg.com/en/method?v=1.5.

@misc{datasteg:mf:method:1.5,
  author       = {{datasteg}},
  title        = {Money-flow methodology},
  howpublished = {datasteg money-flow, version 1.5},
  year         = {2026},
  date         = {2026-11-02},
  url          = {https://money-flow.datasteg.com/en/method?v=1.5},
  urldate      = {2026-11-02}
}

Where dollars and other funding move, and who is exposed when they turn · release 20261102.2 · method 1.5 · Updated 2 Nov 2026, 22:57 KST · The board looks from the borrower’s side, with debt securities by nationality of issuer; the structure panels below are on residence. What this page cannot see

World pulse (weekly) · the only current-week numbers on this page; always the newest, whatever day is selected

  • Fed central bank liquidity swaps

    As of 28 Oct 2026

    0.2 bn

    −0.1 bn 4-week change

    Source: Fed H.4.1 via FRED

  • Treasuries held for foreign official accounts

    As of 28 Oct 2026

    2,568.6 bn

    −13.8 bn 4-week change

    Source: Fed H.4.1 via FRED

  • Broad dollar index (Jan 2006 = 100)

    As of 23 Oct 2026

    121.32

    +0.8% 4-week change

    Source: Fed H.10 via FRED

  • Net foreign purchases of US long-term securities (monthly)

    Aug 2026

    Official +42.9 bnPrivate +257.8 bn

    3 months: official +125.1 bn, private +426.1 bn

    Source: US Treasury TIC

Filters
Latest 2026-11-02shows the newest data published by this day; each figure states its own period

Signal Board: which economies are vulnerable, and where funding is leaving

Quarterly. Across: vulnerability, half exposure (FX credit / GDP and short-term bank debt / reserves, against the other economies' levels and the economy's own past), half buffer weakness (net IIP and current account, to GDP). Up and down: bank and bond flows over the previous stock, a year. The lower right is the risk zone. Pick a quarter for its snapshot, filter by group or region, and follow up to six economies to play their paths; the axes are fixed. Flows arrive two to four months after the quarter. How the score is computed is under the chart.

8 of 36 economies with a net outflow
Group
36 of 36 shown
at risk: vulnerable and losing funding020406080100−40−200+20+40+60net outflow ↓net inflow ↑Vulnerability score (half exposure, half buffers; 0–100)more vulnerable →Flow score (% a year)GBRCANJPNFRAMEXTURSAUAUSIDNBRAKORDEUCHLCHNINDSWECOLARGISRDNKPOLRUSFINITAESPZAFHUNMYSAUTBELTHANZLCZEGRCPRTNorway
  • Size: FX credit outstanding (residence) · 1.6 bn – 2,431.5 bn
  • Colour: bond dependence (A3, not scored): <40% → ≥85%
  • Tail: the followed economy's last 8 quarters (older is fainter)

Largest withdrawals this quarter · Q2 2026

  1. Japan−45.3 bnbank −77.0 bn · bond +31.6 bnJapan in global-network →
  2. Belgium−18.4 bnbank −24.7 bn · bond +6.3 bnBelgium in global-network →
  3. China−17.9 bnbank −8.5 bn · bond −9.5 bnChina in global-network →
  4. Austria−8.6 bnbank +0.8 bn · bond −9.3 bnAustria in global-network →
  5. Russia−5.5 bnbank −1.5 bn · bond −4.0 bnRussia in global-network →

Bank (B1, BIS LBS adjusted change) in blue, bond (B2, BIS DSS net issues by nationality) in purple; a faint bar is an inflow. Source: BIS LBS adjusted changes; BIS DSS (nationality)

How this score is computed

Score = ½ × exposure + ½ × buffer weakness, 0–100. An economy above 60 that is losing funding sits in the risk zone at the lower right.

Exposure is the mean of two signals. A1, FX credit / GDP: cross-border loans and deposits in US dollars, euros and yen to resident non-banks (BIS LBS adjusted changes), plus, where the economy reports to the LBS, the foreign-currency claims of banks inside it on resident non-banks (local positions, all foreign currencies and instruments), plus international bonds of resident non-banks in those currencies (BIS DSS (residence)), over four-quarter GDP (BIS total credit (GDP)); the economy's own currency is left out, and an economy without local positions is cross-border only and marked. A2, short-term bank debt / net reserves: BIS international bank claims with up to a year to run (BIS CBS) over net reserves (IMF IRFCL Section I official reserve assets plus Section II predetermined net drains within a year, floored at a tenth of gross reserves). A2 is not scored for euro members, reserve-currency issuers (Japan, the UK) or an economy with a standing unlimited Fed swap line (Canada).

Each signal is half and half. The level is the share of every board economy-quarter so far (from 2000, expanding) at or below this value. The own history is a robust z: the distance from the economy's own median since 2000 (or its first quarter) up to this quarter, over 1.4826 × MAD, with a floor on that scale (A1 1%p, A2 10%p) so a narrow history cannot turn a small move into an extreme; z is clipped at ±3 and mapped to 0–100 (50 = its own median). An indicator needs 8 quarters first. Every window is expanding and uses only quarters up to the one shown, so a past score in the replay is what the data up to then gave (newest vintages).

Buffer weakness is the mean of the level signals of net IIP / GDP (IMF IIP) and the current account over four quarters / GDP (IMF BOP), turned over (100 − level). Only buffers published for that quarter are used; without a quarterly value, the newest annual one at most four quarters old.

The score is not a ranking: economies can share a score and none is forced to 0 or 100. Half of it compares levels with the other economies, half compares an economy with its own past. A3 bond dependence, net external debt and A1 by nationality are shown as context only.

Example: Norway, Q2 2026. 33.7 = ½ × 66.5 + ½ × 0.9. Exposure 66.5 is the mean of the A1 signal 56.0 and the A2 signal 77.0; buffer weakness 0.9 is NIIP 0.0 and current account 1.7, averaged.

Evidence and validation: method 1.5 (R17–R19, checks V18–V22), docs/methodology/vulnerability-v1.3.md and vulnerability-v1.4.md.

Source: BIS LBS adjusted changes; BIS DSS (residence); BIS DSS (nationality); BIS CBS; IMF IRFCL; BIS total credit (GDP); IMF IIP; IMF BOP; BIS GLI. Method 1.5: R17–R19, checks V18–V22

Structure: what the flows have built

Stocks (amounts outstanding), on the residence basis; they follow the selected day. Residence basis: a holder is the economy where the position is booked. FC marks a BIS offshore centre, FD a fund domicile (Luxembourg, Ireland, the Netherlands, Switzerland): holders there are rarely the end investors.

Dollar credit to non-banks outside the US: debt securities (emphasis) and loans, USD bn

Measured data only. Year ends; the last bar is the newest quarter. Loans are the total less debt securities. Hover or tap a bar for its values. The estimate of dollar debt in FX swaps sits in the box beside the chart

0 tn2.5 tn5 tn7.5 tn10 tn12.5 tn15 tn17.5 tn20002002200420062008201020122014201620182020202220242026

Source: BIS GLI

The apex: issuing central banks, assets

USD bn, each source's newest value

Source: BIS CBTA; Fed H.4.1 via FRED; ECB ILM. The BoJ from BIS (its FRED series is BoJ copyright)

Countries: the 12 largest gross external liabilities (incl. equity)

USD bn. Gross, equity and direct investment included, at market value, so they move with stock prices; net = assets − liabilities. A name opens that economy in the Economy tab

  • United States · Q2 2026 · assets 46,968.5 · net −22,420.369,388.8
  • Euro area · Q2 2026 · assets 49,768.1 · net +2,215.747,552.4
  • UK · Q2 2026 · assets 20,204.4 · net −260.420,464.8
  • Luxembourg · Q2 2026 · assets 16,350.6 · net +24.416,326.2
  • France · Q2 2026 · assets 14,078.1 · net −984.415,062.5
  • Germany · Q2 2026 · assets 17,269.7 · net +4,567.612,702.1
  • Ireland · Q4 2025 · assets 12,074.2 · net −392.312,466.5
  • Netherlands · Q2 2026 · assets 12,345.2 · net +343.512,001.7
  • Japan · Q2 2026 · assets 11,873.2 · net +3,459.28,414.0
  • China · Q2 2026 · assets 12,180.4 · net +3,824.98,355.5
  • Canada · Q2 2026 · assets 8,716.4 · net +1,369.17,347.3
  • Singapore · Q2 2026 · assets 7,292.0 · net +1,218.26,073.8

Source: IMF IIP

Flows through the hubs

Residence-based positions, so offshore centres appear as conduits, not final owners. Portfolio end-2025 · bank loans and deposits Q4 2025

Source: IMF PIP (CPIS); BIS LBS

The currency of the world’s reserves

Q2 2026 · USD bn, allocated reserves

  • USD7,494.5
  • EUR2,722.9
  • JPY656.2
  • GBP604.3
  • CNY279.4
  • CAD326.7
  • AUD296.7
  • CHF35.4
  • Other currencies800.6

Source: IMF COFER

datasteg: the flow sites