In 2023，the international financial markets underwent a series of tests. Central banks around the world continued their tightening processes，and advanced markets such as the United Kingdom，Japan，the United States，and Europe experienced varying degrees of risk events. Emerging markets，on the other hand，demonstrated overall stability，but they faced challenges associated with shifting risk preferences，capital market repricing，and concerns about debt sustainability. Global long-term government bond yields exhibited upward volatility，with yield inversions observed in the United States and the United Kingdom. The global stock markets witnessed a significant rebound in 2023，and the performance of developed countries’ stock markets notably outperformed those of developing nations. The U.S. dollar index reached its peak and underwent a corrective pullback，leading to a differentiation in major currency pairs. The Chinese renminbi，after a modest appreciation early in this year，started to fluctuate and trend downward. The financial market trends in 2024 will still be contingent upon the market’s confidence in the prospect of an economic soft landing. If core inflation exhibits greater persistence，resulting in higher interest rates last for longer time，international financial risks may continue to rise. Potential risk factors include the resurgence of risks in the government bond market，banking or non-banking institutions，new risks emerging in the real estate market and corporate sectors，risks associated with uncoordinated monetary policies，and geopolitical conflicts.