On March 8, Silicon Valley Bank declared bankruptcy on March 10. On that day, the U.S. stock market was upside down, and the S&P, Nasdaq and Dow Jones indexes turned from falling to rising, then turned around and plunged, falling by 1.45%, 1.76% and 1.07% respectively, hitting the European and South American stock markets hard, with an average decline of 2% on that day. On March 13, although some indexes of Asia-Pacific stock markets were boosted by A-shares, the indexes of Japan's Nikkei 225, Singapore Straits Times, Mumbai, India and Sri Lanka all fell more than 1%. Shortly after the A-share market closed, bad news came from American banks. The domino effect caused by the collapse of Silicon Valley Bank first affected the American contracted bank, which declared bankruptcy last weekend. Immediately, the first general bank of the United States was run on these two days, and its share price plummeted by nearly 70% before the market! At the same time, nearly 30 billion pounds (about 36 billion US dollars) of assets of lending institutions in Britain and the European Union were wiped out because they could not be withdrawn from Silicon Valley banks in time. The German Federal Financial Supervisory Authority directly froze the branch of Silicon Valley Bank in Germany. Silicon Valley banks set off a storm in western capital markets. As of 22: 00 p.m. on 13, the three major US stock indexes opened lower across the board, while SP and Nasdaq fell nearly 1.5%. New york crude oil futures plunged 5% in intraday trading. European stock markets plummeted across the board: Italy fell by nearly 5%, and the stock markets of France, Germany, Spain, Denmark and the Netherlands fell by more than 3.5%; The Russian stock market was still rising two hours ago, and the latest data also fell by 1%. Affected by the European stock market crash, Xinhua A50 performed poorly, with a drop of nearly 0.6%.