China Real Effective Exchange Rate in 2015
China Real Effective Exchange Rate opened 2015 at 102.17 and closed at 104.46, a +2.24% move for the year. The high of 105.00 was reached on November 1, and the low of 102.17 on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 102.17 | 102.17 | 102.17 | 102.17 | +0.00% |
| Feb | 103.73 | 103.73 | 103.73 | 103.73 | +0.00% |
| Mar | 104.58 | 104.58 | 104.58 | 104.58 | +0.00% |
| Apr | 103.97 | 103.97 | 103.97 | 103.97 | +0.00% |
| May | 102.61 | 102.61 | 102.61 | 102.61 | +0.00% |
| Jun | 103.24 | 103.24 | 103.24 | 103.24 | +0.00% |
| Jul | 104.86 | 104.86 | 104.86 | 104.86 | +0.00% |
| Aug | 104.38 | 104.38 | 104.38 | 104.38 | +0.00% |
| Sep | 104.31 | 104.31 | 104.31 | 104.31 | +0.00% |
| Oct | 103.37 | 103.37 | 103.37 | 103.37 | +0.00% |
| Nov | 105.00 | 105.00 | 105.00 | 105.00 | +0.00% |
| Dec | 104.46 | 104.46 | 104.46 | 104.46 | +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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