国际金融形势回顾与展望

Abstract:The monetary policies in developed countries tended to follow divergent paths due to different pace of recovery. However，the overall global financial condition remained accommodative for investors’ risk appetite. As a result，financial risks continued to accumulate because of excessive liquidity and highly leveraged financing. The yield curves of long-term government bonds reflected market expectation about the Fed’s QE tapering. Developed countries’ corporate bonds’ issuances remained dominant globally，backed by investors’ “search for yield” motivation. Global equity markets boomed. The US dollar appreciated against most major currencies. However，exchange rates of emerging economies followed divergent trends，reflecting different policies and economic situations. In the coming 2015，whether the accumulated financial risks turn into another crisis will be determined by how the leveraged financing activates are curbed，and whether the excessive liquidity is transformed into corporate investment and earnings.

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