Global economic growth lost its momentum in 2018-2019. The escalation of trade disputes，uncertain outcome of Brexit，and increasing geopolitical conflicts brought uncertainty and weighted on the world economy. The US Fed shifted its monetary policy and led to a new round of monetary easing worldwide. The long-term government bond yields in major developed economies fell into ultra-low and even negative areas. The rise of risk-aversion increased activities of search for safety and reinforced the US dollar to perform as a safe haven. The US dollar index fluctuated at high level，while many other currencies depreciated，showing signs of competitive depreciation. The risk of capital flow in emerging economies increased and most of them face adjustment of macro-economic policy framework. Going forward，easing monetary policy，continuous trade disputes and domestic political dynamic in some economies will affect international market and challenge global financial stability.