CNY/USD in 2015
CNY/USD opened 2015 at 6.2 and closed at 6.48, a +4.40% move for the year. The high of 6.49 was reached on December 30, and the low of 6.19 on January 15.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 6.2 | 6.25 | 6.25 | 6.19 | +0.72% |
| Feb | 6.26 | 6.27 | 6.27 | 6.24 | +0.16% |
| Mar | 6.27 | 6.2 | 6.27 | 6.2 | -1.16% |
| Apr | 6.2 | 6.2 | 6.22 | 6.19 | +0.07% |
| May | 6.2 | 6.2 | 6.21 | 6.2 | -0.06% |
| Jun | 6.2 | 6.2 | 6.21 | 6.2 | +0.02% |
| Jul | 6.2 | 6.21 | 6.21 | 6.2 | +0.14% |
| Aug | 6.21 | 6.38 | 6.41 | 6.21 | +2.69% |
| Sep | 6.36 | 6.36 | 6.38 | 6.35 | -0.12% |
| Oct | 6.36 | 6.32 | 6.36 | 6.32 | -0.60% |
| Nov | 6.32 | 6.39 | 6.39 | 6.32 | +1.11% |
| Dec | 6.39 | 6.48 | 6.49 | 6.39 | +1.40% |
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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