这是一个非常分散的系统，但是它还是能起到很好的作用因为会员银行，在联邦储备银行里付保证金，并且它们被要求付这些保证金。

That's a very dispersed system but it still works because member Banks keep deposits at the Federal Reserve Banks and they're required to keep these deposits.

youdao

但这却分散了人们对一项重要转变的注意。美国国债市场目前更依赖于包括美国联邦储备委员会(Federal Reserve)在内的美国买家，而不是中国。

But that has obscured an important change: the market for Treasury bonds is now more reliant on U.S. buyers — including the Federal Reserve after its recent buying spree — than the Chinese.

youdao

但这却分散了人们对一项重要转变的注意。美国国债市场目前更依赖于包括美国联邦储备委员会(Federal Reserve)在内的美国买家，而不是中国。

But that has obscured an important change: the market for Treasury bonds is now more reliant on U.S. buyers — including the Federal Reserve after its recent buying spree — than the Chinese.

youdao