Global financial market has been extremely unstable in the last year due to sluggish global economic growth,deepened sovereign debt crisis in developed economies and increased financial risks,Since April 2011,global investors have repeatedly shown their lack of confidence.The level of investors' risk aversion has been shapely increased.During the time,international financial market has been featured by the following aspects. ①The long-term government bond market has moved in divergent trends:the traditional "safety haven" market,such as 10-year US and Germany government bond,has turned to be attractive to investors,whilst the risk premium of high-spread government bond markets in Euro Area has increased significantly.②The US dollar has been in a short-term appreciation in global foreign exchange market,whilst the Swiss franc,the Japanese yen,the Australian dollar and the Canadian dollar have remained strong.③Investors have withdrawn from the stock markets worldwide.The indexes of major markets have been slumped since April 2011.Slow growth of global economy and sovereign debt crisis will continue to cast shadow on global financial market and contribute to financial instability in the year to come. <<