Washington D.C., USA - April 22, 2025 (CCTV - No access Chinese mainland)
1. Interior of headquarters of International Monetary Fund (IMF)
2. Banners of IMF Spring Meetings
3. People in IMF headquarters
4. SOUNDBITE (English) Tobias Adrian, director, Monetary and Capital Markets Department, IMF (partially overlaid with shot 5):
"Financial conditions have tightened globally and that is to first order driven by the higher level of uncertainty, policy uncertainty around the world. So market volatility has shot up and with the higher market volatility, risk asset prices have declined, meaningfully in equity markets and bond markets. So the tighter financial conditions, the more subdued outlook in terms of real activity and the higher uncertainty means that financial stability risks have increased. And so we do detect the meaningful increase in those downside risks."
++SHOT OVERLAYING SOUNDBITE++
5. Banners
++SHOT OVERLAYING SOUNDBITE++
6. Various of flags

The International Monetary Fund (IMF) has warned that global financial stability risks have increased significantly, driven by tighter global financial conditions and heightened trade and geopolitical uncertainty. 

In its latest Global Financial Stability Report released on Tuesday, the IMF said that the tariff announcements made by the United States since February 2025, especially the surprising magnitude of tariffs rolled out on April 2, had triggered a large-scale, global repricing of risky assets and significantly increased volatility in the stock, currency and bond markets.

Major geopolitical events, especially military conflicts, have also exacerbated market stability risks, according to the report.

"Financial conditions have tightened globally and that is to first order driven by the higher level of uncertainty, policy uncertainty around the world. So market volatility has shot up and with the higher market volatility, risk asset prices have declined, meaningfully in equity markets and bond markets. So the tighter financial conditions, the more subdued outlook in terms of real activity and the higher uncertainty means that financial stability risks have increased. And so we do detect the meaningful increase in those downside risks," said Tobias Adrian, director with the Monetary and Capital Markets Department of the IMF.

The report emphasized that during this period full of uncertainties, all countries must remain highly vigilant to prevent small-scale pressures from evolving into widespread systemic crises.