On August 16, 2007 (July 4, 2007 lunar calendar), the US subprime mortgage crisis dragged down economic growth and triggered global financial marekt turmoil. On August 16, 2007, traders were busy on the New York Stock Exchange in the United States. As the credit crisis caused investors to panic, the New York stock market fluctuated sharply on the 16th. On August 9, the US Federal Reserve injected $24 billion into financial marekt to cope with the impact of the subprime mortgage market crisis. Since then, the Federal Reserve and central banks in Europe and Japan have injected capital several times. The subprime mortgage crisis that began to emerge this spring caused huge losses to some Western banks and investment institutions, causing severe turmoil in the US stock market and even the global financial marekt. The international monetary fund expects the US economic growth rate to be 1.9% in 2007, much lower than last year's 2.9%.