We expect that, in the current environment, risk aversion trades will be dominant, as the participants are skittish in letting any market drops spiral into the losses witnessed in 2008.

• 我们预计，在当前的环境下规避风险的贸易将是占市场主导地位，因为投资者对市场上的任何动静都担惊受怕，他们亲眼目睹了2008年的大升大降。