Twenty-seven years ago today, August 31, 1998 (July 10, 1998, the lunar calendar), global stock markets fluctuated. Before the end of August 1998, it was the nightmare of the devaluation of the yen. It was the nightmare of China Hong Kong stock market under the Southeast Asian economic crisis and the dual impact of international speculators. The end of August is a nightmare for investors around the world. On August 27, the Dow Jones 30 industrial stock index fell more than 350 points; on August 31, the Wall Street stock market fell even further. The Dow fell 512.61 points to close at 7,539.07 points, falling below the 8000 mark for the first time in seven months, with a daily decline of more than 6%. Two sharp drops sent the Dow down by as much as 20%, and Wall Street fell into a bear-market pessimism. If Wall Street coughs, stock markets around the world would catch a cold. At the end of August, stock markets in Europe, Latin America and Asia fell almost across the board. Analysts believe that the economic crisis and political turmoil in Russia and Asia have caused investors to lose confidence. U.S. Treasury Secretary Rubin said the U.S. economic situation remains good. However, in today's day when the global economy is increasingly interdependent, it is impossible for the United States to remain an "oasis of prosperity." In April, Camdessus, President of the International Monetary Fund, believed that the Asian financial crisis could lead to a moderate recession in the world economy. The organization lowered its economic forecast in its assessment report in August and September, predicting that the global economy will slow to only 2% growth in 1998, the worst performance in seven years. The report pointed out that the financial turmoil that began in Asia in July 1997 continues to spread and has hit Russia's economy in August, which will then threaten Latin American countries. In September, Americans also felt the chill of the recession. As a result, the Federal Reserve decided to cut the overnight interbank lending rate by 0.25 percentage points to stimulate economic growth. In the following two months, the Federal Reserve cut interest rates again, and global stock market temperatures warmed up.