Brazil Credit-to-GDP Gap in 2015
Brazil Credit-to-GDP Gap opened 2015 at 11.4 and closed at 12.4, a +8.77% move for the year. The high of 13.4 was reached on September 30, and the low of 9.9 on June 30.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Mar | 11.4 | 11.4 | 11.4 | 11.4 | +0.00% |
| Jun | 9.9 | 9.9 | 9.9 | 9.9 | +0.00% |
| Sep | 13.4 | 13.4 | 13.4 | 13.4 | +0.00% |
| Dec | 12.4 | 12.4 | 12.4 | 12.4 | +0.00% |
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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