短期国债

IMF发出警告之际，投资者加速退出美国短期国债市场。人们日益担忧，若美国不能提高举债上限，导致本月发生主权违约，市场将陷入动荡。

The warnings came as investors accelerated their exit from the Treasury bill market , as concern mounted about market turmoil should a failure to raise the debt ceiling result in a default this month .

实例中包括股票市场价格，短期国债利率和信贷市场状况。

Examples include stock market prices , Treasury Bill rates , and credit market conditions .

两周前，美联储（fed）宣布延长“扭转操作”（operationtwist），即出售短期国债、买入长期债务，以求通过压低长期利率来扶持美国经济。

Two weeks ago , the Federal Reserve extended " operation twist " selling short-term government bonds while buying long-term debt in an effort to support the economy by lowering long-term interest rates .

本月晚些时候和11月初到期的美国短期国债的收益率升至30基点上方，这是自2008年末美联储（FederalReserve）出台零利率政策、锚定短期利率以来的最高水平。

Treasury bills maturing later this month and in early November rose above 30 basis points , their highest level since late 2008 when the Federal Reserve adopted a zero interest rate policy and anchored short-term interest rates .

它们创立了采用精密投资策略的主权财富基金（swf），而不再只是把这些外汇储备用于购买美国短期国债。

Instead of just holding these balances in short-term US Treasury bills , they have created sovereign wealth funds with sophisticated investment strategies .

但问题不仅于此：周一短期国债收益率低于1%；金融机构的信用违约互换（cds）息差上升到异常水平；高风险债券的信贷息差迅速扩大。

Nor is this all : on Monday short-term yields on Treasury bills were below 1 per cent ; credit default swap spreads on financial institutions reached exceptional levels and credit spreads on riskier bonds were widening rapidly .

欧洲各银行的债券、预测美国股市波动性的vix指数，以及意大利和西班牙短期国债，均重返去年7月欧元区危机恶化之前的水平。

European bank bonds , the VIX Index of expected US equity volatility and short-term Italian and Spanish bonds are all back to where they stood in July before the eurozone crisis intensified .

为期4周的短期国债收益率已因为该担忧而降至零以下。

Yields on four-week Treasury bills have been driven below zero .

因此，他们涌入短期国债寻求避风港，期望将来能获得高于预期的回报率。

So they flock to safety in bills and hope for better gains .

为什么资金仍在不断涌入美国短期国债市场？

Why does money keep flooding into the short-term Treasuries market , or T-bills ?

三个月的短期国债利率为零。

Three-month Treasury bills pay exactly nothing .

短期国债利率为4%，市场投资组合的期望回报率为12%。

The Treasury bill rate is4 percent , and the expected return on the market portfolio is12 percent .

货币市场基金纷纷回避将于8月4日和8月11日到期的一月期短期国债。

Money market funds are avoiding the one-month treasury notes which mature on August 4 and August 11 .

具体降幅目前还无法确定，但短期国债受到的打击可能最为沉重。

It is unclear how far they would fall , but nearer-term bills will probably experience the worst blow .

达成协议的前景，提高了11月末和12月初到期的美国短期国债的收益率。

The prospect of a deal pushed Treasury bill yields higher on paper set to mature in late November and early December .

比如，中国在12月份购买了50亿美元的债券和票据，但卖出了90亿美元的美国短期国债。

China , for example , bought $ 5bn of bonds and notes in December , but sold $ 9bn of Treasury bills .

自5月中旬美国触及债务上限以来，短期国债的供应已大幅下降，对价格形成支撑。

Since mid-May , when the US hit the borrowing limit , the supply of short-term bills has dropped sharply , helping prices .

就像那些优惠利率贷款期限已经终止的可怜购房人一样，目前以低利率发放的短期国债到期之后，政府也将面对类似的窘境。

Just like homeowners who relied on teaser rates , the Government will face a similar problem when all its low-yielding short-term debt matures .

昨日早些时候，投资者一度延续了转向高质量资产的避险行为，在规避深受打击的商业票据市场的同时，大举购买短期国债。

Investors had initially poured into short-term government debt yesterday , extending a flight to quality as they shunned the stricken commercial paper market .

6个月短期国债的实际回报率甚至已跌入负值区域，这表明投资者仍将德国视作一个避风港。

Returns in real terms have even moved into negative territory on six-month paper , implying that investors still look to Germany as a haven .

扭转操作的做法是：出售短期国债、用出售所得资金购买较长期限的国债，以期降低利率，从而降低美国无数挣扎中的购房者的还贷成本。

By selling short-term Treasury bonds and using the proceeds to buy longer-dated ones , it aims to reduce costs for millions of struggling American homeowners .

此外，美国短期国债利率的盘中波幅（接近100个基点）显然要比新兴市场债券更大。

Moreover , large intraday interest rate swings , approaching 100 basis points , were more evident in short-dated US Treasury bills than in emerging market bonds .

银行间同业拆借利率今天也有所趋缓，虽然幅度不大。随着风险偏好增加，美国短期国债收益率有所上升。

Interbank loan rates starting today also eased , though modestly , while the yield on safe short-term US Treasuries moved higher , as risk appetite improved .

当央行账户日终现金余额可能高于50亿美元时，财政部即将多余现金转入税收与贷款账户赚取利息收入。英国国库现金管理的主要做法如下：第一，实施短期国债计划。

When the balance shows surplus , the U.S.A Ministry of Finance will transfer the surplus cash to the Tax and Loan Accounts to gain interest income .

突显市场紧张情绪的另一个迹象是，意大利国债收益率曲线出现了反转，即短期国债收益率高于长期国债收益率。

In a further sign of market stress , the Italian bond yield curve inverted , with yields on shorter-term debt rising higher than those on longer-term paper .

没有发达的短期国债市场，金融产品的定价就失去了衡量标准，而非理性的定价很容易产生价格扭曲。

Without a developed short-term bond market , we can 't find a criteria for the pricing of financial products , price distortions will be caused by irrational pricing .

分析师表示，中国似乎没有出售所持的美国国债，而是在手中的短期国债到期后，利用部分资金购买更长期的国债。

Rather than selling any of its holdings , China appears to have let the bills mature and then used some of the proceeds to buy longer-dated coupons , analysts say .

以筹措和发行的期限为标准，国债可分为长期国债、短期国债和中期国债。

It is a standard in order to raise money with emission deadline , national debt can be divided for long-term national debt , short-term national debt and metaphase national debt .

而银行准备金就是个很不错的缓冲工具：准备金是世界上硕果仅存的无风险资产之一，按照0.25%的利率来看，比短期国债的利率还高一点。

And reserves are an attractive vehicle for that : they are one of the world 's few remaining risk-free assets , and at0.25 % , they pay more than Treasury bills .

随着德国国债拍卖遭遇引人注目的失败以及西班牙和意大利短期国债利率出现令人担忧的上升，欧元区各国国债市场已停止运转。

With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy , the government bond market across the eurozone has ceased to function .