Financial markets in 2015 was a lackluster year. US S&P ended the year down slightly. China and HK outperformed the others in the globe in the beginning but fell sharply afterward due to the PRC government’s excessive market interference (or “Violent Market Intervention”) and the RMB devaluation in Summer. European market was not that bad, Japanese market was one of the outperformers in 2015. Crude oil tumbled as a continuation of the slide since 2014, the dollar rose, US treasury yield rates started shooting higher. Strong fund redemptions from the equity space were seen running out of China & HK, moving from RMB to HKD then USD. Some were parking into the safe currency zone like Japanese yen……..
2015年的金融市場的確是沒有氣色的一年。美國股市年末收盤稍微下調一點,中國和香港直至年中跑贏了大市,但後來因為去年夏天中國政府的過份市場干預(又稱“暴力救市”)而且人民幣貶值,引致市場暴跌。歐洲市場去年不過不失,日本卻是2015年最佳表現的市場之一。去年原油價格繼續下滑延續2014年的趨勢,美元升值,國庫券孳息率開始上升,股票基金贖回強勁不少資金離開中國香港從人民幣走到港元然後美元區。一些資金更逃往外匯市場避險區域如日圓 ………
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