China 3M Interbank in 2015
China 3M Interbank opened 2015 at 4.98% and closed at 2.97%, a -40.36% move for the year. The high of 5.41% was reached on February 1, and the low of 2.97% on December 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 4.98% | 4.98% | 4.98% | 4.98% | +0.00% |
| Feb | 5.41% | 5.41% | 5.41% | 5.41% | +0.00% |
| Mar | 5.18% | 5.18% | 5.18% | 5.18% | +0.00% |
| Apr | 4.10% | 4.10% | 4.10% | 4.10% | +0.00% |
| May | 3.11% | 3.11% | 3.11% | 3.11% | +0.00% |
| Jun | 3.35% | 3.35% | 3.35% | 3.35% | +0.00% |
| Jul | 3.21% | 3.21% | 3.21% | 3.21% | +0.00% |
| Aug | 3.05% | 3.05% | 3.05% | 3.05% | +0.00% |
| Sep | 3.16% | 3.16% | 3.16% | 3.16% | +0.00% |
| Oct | 3.19% | 3.19% | 3.19% | 3.19% | +0.00% |
| Nov | 3.06% | 3.06% | 3.06% | 3.06% | +0.00% |
| Dec | 2.97% | 2.97% | 2.97% | 2.97% | +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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