In 2021，international financial market continuously experienced turbulence in the context of rising risks of uncertainties caused by resurgence of Delta variant. Supported by broad vaccine rollout and accommodative monetary policy，global equity market rebound faster than the real economy. The rise of commodities pushed up inflation globally. Housing prices reached record high in many countries. At the same time，global financial stability was threatened by massive debt accumulation，volatility of exchange rates and increasing risk of capital flows. Due to inequitable vaccine allocation and difference in fiscal space across countries，the world economy recovered at uneven paces where the advanced economies took the lead. Therefore，the expectation of policy adjustment and monetary tapering in the US has become the major factor that underscored the development of international financial market. Many emerging and developing economies，however，is facing triple impacts from the resurging COVID-19 affection，slow economy recovery and possible tightening of external financing conditions. Going forward，the world economy will continue suffering the negative impact of the prolong COVID-19 crisis. The situations of international financial market will be highly uncertain and volatile.