3-Month Bill Primary Dealer Share in 2015
3-Month Bill Primary Dealer Share opened 2015 at 78.23% and closed at 57.02%, a -27.12% move for the year. The high of 82.35% was reached on August 24, and the low of 32.11% on November 2.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 78.23% | 62.11% | 78.23% | 62.11% | -20.61% |
| Feb | 72.83% | 67.24% | 76.48% | 58.37% | -7.68% |
| Mar | 63.16% | 65.82% | 73.09% | 63.16% | +4.21% |
| Apr | 73.15% | 62.65% | 76.16% | 59.59% | -14.35% |
| May | 76.19% | 65.54% | 76.19% | 59.79% | -13.98% |
| Jun | 68.05% | 70.66% | 78.06% | 64.88% | +3.84% |
| Jul | 78.97% | 68.77% | 78.97% | 60.59% | -12.92% |
| Aug | 61.41% | 60.06% | 82.35% | 49.67% | -2.20% |
| Sep | 61.67% | 53.09% | 78.26% | 53.09% | -13.92% |
| Oct | 66.83% | 69.07% | 74.20% | 66.83% | +3.36% |
| Nov | 32.11% | 71.66% | 76.52% | 32.11% | +123.17% |
| Dec | 65.55% | 57.02% | 65.55% | 48.01% | -13.02% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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