Financial review 2015
2016-01-01
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"Many would agree 2015 was a transformative year in the financial markets. A-share stocks saw huge gains before succumbing to a deep slump in the Summer. Hong Kong stocks were also affected. The volatility in the mainland stock market is seen as a good lesson for the mainland to learn how to integrate into international financial markets in future. In the Hong Kong residential property market, many anticipated a correction in flat prices but they continued to break records this year. In the latter half of the year, sales volume dropped, showing the residential market was fragile. Many believe flat prices will begin a downward trend in 2016. In August, the RMB (Renminbi) devalued after years of appreciation. The move was seen as a step to internationalise the currency. In December, the RMB was finally recognised as a major currency after the IMF (International Monetary Fund) approved it to enter the Special Drawing Rights. Meanwhile, US (United States) dollar moved up on the expectation US interest rates would begin to rise. As a result, other currencies and commodity prices fell, including oil at a 7 year low"--TVB web site.
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