All of these factors seem to be trumped by the dollar's unique role as the world's reserve currency and provider of the most liquid markets.

美元同时是全球的储备货币和高流动性市场的流通货币，所有这些因素似乎都在这一独特角色前折腰。

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Since America is the world's largest economy, has the most liquid financial markets and operates the world's premier reserve currency, the Treasury bond has been seen as the global risk-free asset.

美国是全球最大的经济体，拥有流动性最强的金融市场，管理着全球最重要的储备货币，因此，美国国债已经被视为一项全球性的无风险资产。

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It would take years to develop SDR money markets that are liquid enough to be a reserve asset.

因为成为国际储备货币需要一个具有高度流动性的交易市场，而这样一个交易市场是需要很多年才有可能建立起来的。

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Money that could be used to pay down a mortgage might instead be used to build up a liquid reserve of funds for emergencies.

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Is it not something of a surprise then to see that the nation with the largest economy, the most influential government, the leading central bank and the only totally liquid, 24-7 reserve currency is not the leader in economic growth within the developed world?

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Surplus countries have little choice but to place most of their spare funds in the reserve currency since it is used to settle trade and has the most liquid bond market.

ECONOMIST: The dollar as a reserve currency: Handle with care | The