3-Month Bill Auction Bid-to-Cover in 2015
3-Month Bill Auction Bid-to-Cover opened 2015 at 4.15 and closed at 3.64, a -12.29% move for the year. The high of 4.7 was reached on May 26, and the low of 3.28 on December 7.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 4.15 | 4.46 | 4.46 | 4.15 | +7.47% |
| Feb | 4.13 | 4.21 | 4.44 | 4.13 | +1.94% |
| Mar | 4.3 | 3.9 | 4.3 | 3.69 | -9.30% |
| Apr | 4.23 | 4.31 | 4.31 | 4.07 | +1.89% |
| May | 4.13 | 4.7 | 4.7 | 4.13 | +13.80% |
| Jun | 4.49 | 3.96 | 4.57 | 3.96 | -11.80% |
| Jul | 3.82 | 3.68 | 4.07 | 3.68 | -3.66% |
| Aug | 4.09 | 3.71 | 4.09 | 3.49 | -9.29% |
| Sep | 3.89 | 3.83 | 3.95 | 3.83 | -1.54% |
| Oct | 4.14 | 3.39 | 4.14 | 3.39 | -18.12% |
| Nov | 3.69 | 3.35 | 3.69 | 3.31 | -9.21% |
| Dec | 3.28 | 3.64 | 3.64 | 3.28 | +10.98% |
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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