Household Debt Service Ratio in 2015
Household Debt Service Ratio opened 2015 at 11.56% and closed at 11.74%, a +1.58% move for the year. The high of 11.74% was reached on October 1, and the low of 11.49% on April 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 11.56% | 11.56% | 11.56% | 11.56% | +0.00% |
| Apr | 11.49% | 11.49% | 11.49% | 11.49% | +0.00% |
| Jul | 11.61% | 11.61% | 11.61% | 11.61% | +0.00% |
| Oct | 11.74% | 11.74% | 11.74% | 11.74% | +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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