August 16, 2007, the fourth day of July (Chinese New Year), a drag on economic growth in the U.S. subprime mortgage crisis triggered the global financial market turmoil.


2007 16, traders in the busy New York Stock Exchange. Since the credit crisis triggered by investor panic, the New York Stock Exchange on the 16th significant oscillations. In August, the U.S. Federal Reserve Board to the financial markets to inject $ 24 billion to cope with the impact of the secondary mortgage market crisis. Since then, the Federal Reserve and central banks in Europe and Japan numerous injections. Subprime crisis started to emerge in the spring of this year, to some Western banks and investment institutions caused huge losses, leading to the U.S. stock market and global financial market upheaval, the IMF expects 2007 economic growth rate of 1.9%, significantly lower than last year 2.9%.