In 2022，international financial market continuously experienced turbulence. The recurrence of COVID-19 pandemic continued severely hamper the global economic recovery，while the disruption of global supply chains and the outbreak of the Russian-Ukrainian conflict have substantially raised energy and commodity prices. In order to curb severe inflation，the Federal Reserve has raised interest rates sharply，and many other central banks have followed suit. The tightening of international financing conditions and sharp changes in geopolitical risks have led to an increase in risk aversion in the international financial market. In the foreign exchange market，the US dollar appreciated significantly against the euro and other major currencies. Emerging markets and developing economies have faced severe challenges to their financial stability due to the increase in international financing costs，currency depreciation and capital outflows. Some countries with high debts were in danger of falling into a new round of debt crisis.