From the perspective of economic form, from June 20 10 to July 2010, the People's Bank of China raised interest rates four times and the deposit reserve ratio six times to cope with the increasingly severe inflation situation in China at that time. The cumulative effect of these monetary policies is from September 20 10 to June 20 10. China's CPI began to decline from a high level. Raising interest rates by the central bank and raising the deposit reserve ratio are all policies to shrink liquidity. Because of its wide coverage, this policy is often used as a last resort, which is one of the reasons for the stock market crash (liquidity tension).

As far as the securities themselves are concerned, since the rebound of 5438+00 in June 2008, A shares have risen to a certain extent compared with 1664, which has a certain callback pressure. In addition, the news that the size of non-reduction, the issuance of large-cap stocks and the IPO of new shares are not conducive to the stock market frequently strikes, which is another reason for the stock market crash.

As for foreign exchange, because China implements the foreign capital control policy, there is less foreign capital that can directly invest in stocks, so it will basically not have a big direct impact on the stock market; However, the appreciation of RMB against the US dollar will reduce the profits of export-oriented enterprises and still have a negative impact on the performance of listed companies.