As a result of such policy innovation, the balance sheets of central banks in the major countries have expanded very significantly, in some cases approaching or even surpassing their war-time peaks (Graph 1). Further expansion may yet occur.
Flows are also becoming more balanced: the current account surplus last year was slightly over 2% of GDP, a far cry from the surplus of more than 10% recorded in 2007. In addition, since 2012, investment coming from China has caught up with investment flowing into China, accounting for 15% and 17% of GDP respectively.