## figure1-21

## Source details

**Canonical URL:** [figure1-21](https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21.pdf.md)
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### 1. Repo Rates (Seven day, percent)
- Vertical axis labels shown: –1.0, –0.8, –0.6, –0.4, –0.2, 0.0, 0.2, 0.4
- Time axis labels shown: Sep. 2016, Oct. 16, Nov. 16, Dec. 16, Jan. 17
- Indicators and annotations:
  - Returns (left scale)
  - Average repo rate (right scale, reversed)
- Key finding stated: Tighter liquidity conditions pushed up repo rates, which surged in December for riskier institutions.

### 2. Total Return on Five-Year Government Bond Funded with Seven-Day Repos (Percent)
- Horizontal/vertical numeric markers shown: 0, 2, 4, 6, 8, 10, 12
- Time axis labels shown: Sep. 2016, Oct. 16, Nov. 16, Dec. 16, Jan. 17
- Key finding stated: As repo rates rose, bond market vehicles incurred losses ...

### 3. Currency and Bond Yields (Percent)
- Numeric markers on the right-hand scale shown: 3.0, 3.5, 4.0, 4.5, 5.0
- Numeric markers on the right-hand curve shown: 6.6, 6.7, 6.8, 6.9, 7.0
- Time axis labels shown: Sep. 2016, Oct. 16, Nov. 16, Dec. 16, Jan. 17
- Series and labels:
  - Weighted average repo rate (seven-day maturity)
  - Maximum rate
  - Renminbi/dollar (right scale)
  - Five-year AA+ note yield (percent, left scale)
- Event annotations: U.S. election, U.S. rate hike, Money market turmoil
- Key finding stated: ... and corporate bond yields rose sharply with global yields as the U.S. dollar gained.

*Sources: CEIC; IMF, Financial Soundness Indicators database, World Economic Outlook database; People’s Bank of China; and IMF staff estimates. Note: Repo = repurchase agreement.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/april/chapter-1/figure1-21.pdf_