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时隔18载,国债重新启动。但是与预期大相径庭的是,如今的国债期货市场显得理性而冷静。所谓国债期货是以国债为标的品在交易所上市交易的金融期货。国债期货交易双方预先确定买卖价格,承诺在未来约定时间对合约规定范围内的国债进行钱券交割。国债期货代表的是对远期基础利率的预期,在成熟市场已有近40年历史。它是投资者用来对冲利率风险的常用工具,也是期货市场上最为活跃的交易品种,在美国,国债期货的交易量已占整个期货市场的一半以上。
After a lapse of 18 years, the national debt started again. But contrary to expectations, the current bond futures market is rational and calm. The so-called national debt futures is the subject of treasury bonds listed on the exchange traded financial futures. Both sides of the Treasury Bail futures trading price determined in advance, promised in the future agreed upon the contract within the scope of the national debt bond delivery. Treasury futures represent the expectation of the forward base rate, which has been in the mature market for nearly 40 years. It is a common tool used by investors to hedge against interest rate risk and is also the most actively traded species on the futures market. In the United States, the volume of government bond futures has accounted for more than half of the entire futures market.