Battered by the COVID-19 pandemic since March 2020, the world's major economies have adopted looser monetary policies as well as expansionary fiscal policies. The combined impact of the epidemic and these stimulus policies have initiated big swings in the global financial market. In a bid to skirt their losses, investors rushed to offload risky assets and buy safe assets. At first, funds kept flowing out of the bond markets in emerging economies, with China as an exception.