但是大额的联合债券发行即使对信用风险很低的国家也有益，因为这种债券在流通性上足可匹敌美国国债市场。
But a large collective bond issue could have benefits even for countries with low credit risk, as it would rival America's Treasuries market for liquidity.
近几个月来，美国国债市场的主要变化不是来自中国。
The big change in the Treasury market in recent months hasn't come from China.
美国国债市场也许是正确的。
惊慌失措的投资者通常奔向规模大流动性强的美国国债市场，仅管对美国的公共财政焦虑不安。
Scared investors often rush into the big and liquid market for US Treasuries, despite anxieties about America’s public finances.
在投资者战战兢兢的又一周里，美国国债市场被通胀搅乱。
America's Treasury market is unsettled by inflation, in another jittery week for the world's investors.
而在美国，未偿还国债的约四分之一由外国人持有，这必然会使美国国债市场更不稳定。
In the U.S., foreigners hold roughly a quarter of the outstanding Treasury notes, making the market inherently more unstable.
美国国债市场是世界上最大、最具流动性的市场。
The Treasury market is the largest and most liquid market in the world.
有人或许会说，应远离美国国债市场，因为这个市场将失去最大的买家。
One would think you'd want to steer clear of the Treasury market, which is going to lose its biggest buyer.
很明显美国国债市场不担心这个-十年期的国债收益率还不到3%，并且如果目前的趋势继续下去的话，债券市场也没有什么理由需要担心。
The Treasury market obviously isn't worried - not it 10 year Treasury yields are under 3%. And there is little reason for the bond market to be worried if current trends continue.
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.
不过，北京明白，如果中国突然收回对美国国债市场的支持，由于中国仍持有的巨额美元资产价值将下降，中国将是最大的输家之一。
However, Beijing knows that if it abruptly withdrew support from the us Treasury bond market, China would be one of the biggest losers because of the drop in the value of its huge remaining holdings.
在美国国债市场，10年期国债收益率目前只有2.761%，通货膨胀会逐渐侵蚀国债的利息回报。
In the Treasury market, where inflation erodes the value of the interest payments over time, the 10-year bond is yielding just 2.761%.
亚洲市场周一午间加深早先的跌幅，原因是周末期间美国国债评级遭遇历史性下调以及欧洲采取措施扶助欧洲债市之后，投资者变得怀疑起来。
Asian markets saw their initial losses deepen in midday trading Monday as investors grew skeptical following the historic downgrade of U. S. debt and moves to shore up European debt over the weekend.
道明证券(TD Securities)的分析师表示：“过去一年，中国外汇储备的上升势头伴随着对美国国债市场参与度的减少。”
"The upward march in Chinese reserves has been accompanied by reduced participation in the Treasury market over the past year," say analysts at TD Securities.
在美国，资产证券化市场的规模超过了公司债券市场和国债市场，成为了美国债券市场上最大的子市场。
In America, the scale of the Asset-backed securitization market has exceeded the scale of company bond market and national bond market, and has been the biggest part of the bond market.
由于担心美国和其它主要经济体的增长将会大幅放缓，投资者昨日纷纷涌入国债市场寻求避险，将英国、德国和美国的国债收益率推低至创纪录低点。
Fears that the US and other major economies are slowing sharply sent investors piling into the safety of government debt yesterday , pushing UK, German and US bond yields down to record lows.
美元在亚洲市场的走势稳定，这是因为风险偏好反弹势头消退，美国股市收盘走跌，而国债市场继续上涨。
The Usd was stable in the Asian session, as the rally in risk appetite waned, with US stocks closing lower, while Treasury markets gained.
正如你可能想象的，我确信它是后者，并认为美国国债市场成为妈妈的所有泡沫。
As you might imagine, I am confident that it is the latter and consider the U. s. Treasury market to be the mother of all bubbles.
美元和英镑的一个不同之处是，美元作为全球储备货币和美国金融市场（包括美国国债市场）主要交易币种的独特地位使其获得了天然的支撑。
Unlike the pound, the dollar is being buttressed by its unique status as the world's reserve currency and the vehicle for transactions in U. S. financial markets, including Treasury bonds.
美元和英镑的一个不同之处是，美元作为全球储备货币和美国金融市场（包括美国国债市场）主要交易币种的独特地位使其获得了天然的支撑。
Unlike the pound, the dollar is being buttressed by its unique status as the world's reserve currency and the vehicle for transactions in U. S. financial markets, including Treasury bonds.
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