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.

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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.

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