SLOOS: C&I Loan Tightening in 2015
SLOOS: C&I Loan Tightening opened 2015 at -5.50% and closed at 7.40%, a +234.55% move for the year. The high of 7.40% was reached on October 1, and the low of -7.00% on July 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | -5.50% | -5.50% | -5.50% | -5.50% | +0.00% |
| Apr | -5.30% | -5.30% | -5.30% | -5.30% | +0.00% |
| Jul | -7.00% | -7.00% | -7.00% | -7.00% | +0.00% |
| Oct | 7.40% | 7.40% | 7.40% | 7.40% | +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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