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。

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.

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第四章从理论角度分析了货币市场基金的本质特征，指出货币市场基金份额本质上是一种生息资产、无风险资产，而货币市场共同基金本质上是一种特殊的中介机构。

The chapter four analyzes the MMF's nature character and points out that the MMF is the interest-bearing asset, non-risk asset and the MMMF is one special intermedia institution.

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