In the past few trading days, there has been a "collective diving" in the global stock market, and market panic has concentrated. Although the two parties in the United States lifted the warning of debt default through difficult negotiations, it obviously only bought time for the government, but lost market trust. The US sovereign credit rating has been downgraded again, and the European debt crisis has come back. The market is worried about the spread of the crisis, adding uncertainty to the global economic outlook. The U.S. sovereign credit rating was downgraded for the first time in history, which was the "debt bomb" that the United States encountered again after the debt crisis was temporarily eased. AA+ rating means that the credit level of American long-term national debt is lower than that of Britain, Germany, France, Canada and other countries. Some analysts believe that the recent plunge in the US and European stock markets is a sign that global investors have lost confidence in the US government. According to the analysis of the Wall Street Journal, in a healthy stock market, investors need not care about government behavior, but should care about the strength of the companies they buy. Ironically, the US stock market and the US economy are now dependent on government support. The fundamental reason for the sharp drop in US stocks is that people are worried that the government can't control the situation. Ye Tan, a famous financial commentator: The credit downgrade of the United States is an epoch-making event. It is reported that after learning that Standard & Poor's announced the downgrade of the US sovereign credit rating, some people commented that August 8 will once again usher in the black Monday of the stock market. Is this situation doomed? Ye Tan, a famous financial commentator, expressed her views. Moderator: What do you think of Standard & Poor's downgrade of US sovereign credit rating from 3A to AA+? What shadow will this bring to the US stock market and the US economic outlook in the coming week? Ye Tan: This is an epoch-making event. So far, due to the sovereign credit of the United States, its debt has always enjoyed the best grade. Because it enjoys the best rating, most people regard US debt as the safest allocation of global assets. And we know that some funds that can't lose money, such as pension funds and social funds, are only allowed to buy when they have the highest rating. Once the highest rating is lost, nearly $2 trillion of funds will have to withdraw from the US debt market, which is a very heavy blow to the US debt. We believe that the yield of bonds in the United States will increase and its issuance cost will increase. If this continues, great changes will take place in the whole global financial market and capital and money market, so this matter is very important for the global financial market. Moderator: What might be the change you mentioned? Ye Tan: From now on, first of all, its bond market will change. Many funds may be withdrawn from the US bond market, and the debt risk of the United States will be more serious, because the cost of issuing bonds in the United States will increase in the future. After the withdrawal of funds from the bond market, the market prices of many bond-based financial derivatives will also change. In addition, because the economic outlook is not optimistic, the stock market will enter a downturn, so from now on, the global capital and money markets will enter a second downturn, and the first downturn will be in 2008. Moderator: What impact will this have on China stock market and China economy? Ye Tan: It will have an impact on China's economy, because now that the global economy is integrated, no economy can be immune to it, which has a greater impact on China's real economy. Will put downward pressure on China's import and export. We know that the global central bank entered a wave of interest rate hikes before, but now the interest rate hikes will probably stop, and the global central bank will moderately adopt some quantitative easing monetary policies, including the Bank of Japan. For the capital market, although it is quantitative easing, the capital market may not go up. Now the fear of the real economy has surpassed the enthusiasm for monetary easing.