6-Month Bill Primary Dealer Share in 2015
6-Month Bill Primary Dealer Share opened 2015 at 55.95% and closed at 35.89%, a -35.85% move for the year. The high of 65.75% was reached on June 15, and the low of 32.89% on November 9.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 55.95% | 58.12% | 58.12% | 45.53% | +3.88% |
| Feb | 56.01% | 53.91% | 56.01% | 45.92% | -3.75% |
| Mar | 60.21% | 63.47% | 65.74% | 53.87% | +5.42% |
| Apr | 64.01% | 34.55% | 64.01% | 34.55% | -46.03% |
| May | 55.15% | 55.46% | 55.46% | 39.70% | +0.56% |
| Jun | 47.31% | 52.57% | 65.75% | 45.13% | +11.11% |
| Jul | 45.21% | 45.48% | 60.67% | 45.21% | +0.59% |
| Aug | 58.55% | 56.12% | 60.11% | 44.60% | -4.16% |
| Sep | 40.79% | 41.80% | 56.98% | 40.79% | +2.47% |
| Oct | 59.87% | 64.19% | 64.19% | 57.97% | +7.22% |
| Nov | 33.70% | 52.58% | 57.93% | 32.89% | +56.02% |
| Dec | 60.90% | 35.89% | 60.90% | 35.89% | -41.07% |
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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