“金边债券”是指国债的安全性。人们无需担心政府的偿还能力,它不存在违约、拖欠和不偿还的风险。然而,在利率市场化的条件下,发行债券时事前规定利率,嗣后可能因市场利率的升高或下跌,使得债券价值反方向变动。当市场利率上调时,在银行间债券市场上,机构持有国债会因为吸收存款的筹资成本高于购买国债的成本而受到损失;在交易所债券市场上,会随着利率上调而使国债市场价格下跌, “Phnom Penh bonds ” refers to the security of government bonds. People do not have to worry about the ability of the government to repay, it does not exist the risk of default, default and non-repayment. However, under the market-oriented interest rates, issuing bonds in advance stipulates the interest rate, which may in the future be reversed in the opposite direction due to the rise or fall of market interest rates. When the market interest rate increases, in the inter-bank bond market, institutional holdings of government bonds will suffer because the cost of absorbing deposits is higher than the cost of purchasing government bonds; in the exchange bond market, interest rates will increase as the bond market price drop,