国际金融形势回顾与展望：风险集聚

Abstract:The low interest rate environment continues in 2015，providing sufficient liquidity into the global financial markets. However，due to the uncertainty of the Federal Reserve’s interest rate hike and the growing financial risks in emerging markets，the volatility of major financial markets increased significantly. The yield curves of major government bonds turned to be flat，and the stock markets tumbled，especially in August，2015. In the foreign exchange markets，the US dollar appreciated against the euro and Japanese yen，while most emerging economies expedited their currency depreciation，showing a sign of competitive devaluation. Going forward，the divergence of major economies’ monetary policies remains a key factor for the trends of global financial markets，and the Fed’s decision about interest rate policy will remain the major driver for the markets.

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