长期国债

美国长期国债收益率的持续下行压力表明，市场中已经有了一丝谨慎的情绪。

The continuing downward pressure on US Treasury bond yields indicates a degree of caution in the air .

接着，在2006年8月19日商业银行存款利率上调27个基点的背景下，实证研究我国中长期国债的实际价格波动和理论价格波动。

Then , under the background of the commercial bank 's saving interest rate rises 27 points , demonstrates the undulation of the medium and long term treasury bond practical and theoretic price .

美联储宣布购买长期国债的举措，让人回想起1951年协议（accordof1951）出台前美联储几乎没有独立性的时期。

The announcement by the Fed that it will purchase long-term Treasuries is reminiscent of the period just before the accord of 1951 when the Fed had little independence .

如果美联储决定实施扭转操作（operationtwist），财政部将会扮演关键角色。扭转操作是指美联储增加较长期国债的购买量，以削减其他投资者能够购买的这类债券数量，从而压低长期利率。

The Treasury would play a crucial role if the Fed decided to launch Operation Twist , where the central bank would buy more longer-term Treasury securities to drive down long-term interest rates by reducing the amount of such debt available to other investors .

再加上美联储购入美国长期国债的“扭转操作”（operationtwist），这意味着美联储在今年剩余时间每月将购入总共850亿美元资产，与2010年qe2计划相仿。

Combined with its purchases of long-dated Treasuries under " operation twist " , this will see the Fed buying a total of $ 85bn of assets a month for the rest of the year , similar to its QE2 programme in 2010 .

按照去年9月启动的qe3计划，美联储正在购买美国长期国债和抵押贷款支持证券，以压低长期利率，刺激乏力的经济复苏。

Under the qe3 programme , launched last September , the Fed is buying long-dated Treasury and mortgage-backed securities to drive down long-term interest rates and stimulate the sluggish economic recovery .

如果大范围通货紧缩成为现实，长期国债便极有可能会升值。

If broad-based deflation materializes , long-term Treasurys are likely to surge .

保险元素：长期国债和市政债券

Insurance Component ; Long-term Treasury bonds and municipal bonds .

中国中长期国债期货合约设计研究

Research on the Contract Design of Medium and Long-Term Treasury-Bonds Futures in China

中期国债流动性好于长期国债；

The medium - term bonds are more liquid than the long-term bonds .

我们可以看到长期国债具有的价值，并预计债券收益超越现金。

We see value in longer term government paper and expect bonds to outperform cash .

一旦明年抵押贷款债务的购买速度放缓，美国长期国债收益率可能也会上升。

Once mortgage debt buying slows next year , US long-term yields may rise too .

可以购入大宗商品交易所买卖基金来应对通货膨胀、长期国债来应对通货紧缩。

Pick up inflation protection through a commodity ETF , and deflation protection with long-term Treasury papers .

此举使长期国债持有者有了更多的资金，这应该会促使他们将其投入到其它资产中去。

Giving investors cash for long-term debt should prompt them to invest more money in other assets .

这些期货合约可以成为中国中长期国债期货合约设计研究的范本。

These futures contract can become the model for China 's medium and long-term treasury bond futures contract design .

但随着美联储试图降低消费者借贷成本，预计将会更多地考虑购买长期国债。

But expect more talk of buying long-dated Treasurys , as it tries to force down consumer borrowing costs .

购买长期国债将使投资者能够购买的政府债务减少。这将提高债券价格。

Buying longer-term Treasury securities will make less government debt available to investors . This will raise the price .

将继续发行一定规模的长期国债，用于基建、技改、生态建设等；

The State will continue to issue long-term government loans for capital construction , technological renovation and ecological conservation .

文中首先回顾中长期国债的相关理论和方法，引出了国债价格变动理论；

This paper first reviews the relevant theories and methods , which draws out the treasury bond price undulation theory .

然而，认为美国长期国债供需失衡局面将长期存在的观点，可能很快将面临更多质疑。

However , the view that the supply-demand imbalance for long-dated bonds will persist indefinitely may soon face more questioning .

如调整国债的期限结构，适当增加长期国债的比重。

For example , regulating the structure of time term , and enhancing properly the proportion of long-term treasury bonds .

假如你相信第一个阵营，你会担忧未来的通胀，于是你就会卖出长期国债。

If you believe the first one , you will fear future inflation and you will sell long-term government bonds .

投资者也注意到了：欧洲国家的利率大幅下降，德国长期国债收益率仅为0.7%。

Investors have taken notice : European interest rates have plunged , with German long-term bonds yielding just 0.7 percent .

例如，上周五，三大主要的信誉评级机构中的一家降低了美国长期国债的评级。

For example , last Friday , one of the three major credit rating agencies downgraded long-term United States government debt .

美联储自2008年底以来一直在施行过分宽松的货币政策，长期国债利率现已处于极低水平。

The Fed has been running ultra-loose monetary policies since late 2008 and interest rates on long-term bonds are already extremely low .

并且，美联储还会采取增加购入长期国债以抵消任何由于中国撤离可能导致的对利率的影响。

Also , the Fed could offset any interest-rate impact of a Chinese pullback by expanding its own purchases of long-term bonds .

采用分笔交易数据，用相对买卖价差分析我国债券市场流动性，可以得出如下结论：各期限国债流动性差异不大，短期和长期国债流动性相对较好；

This paper , adopting the real-time trading data , analyzes the bond market liquidity in China by means of proportional bid-ask spread .

尽管当前政府的偿债能力有一定的局限性，但考虑到政府财政收入的良好增长前景，我国政府仍应采取更积极和更进取的财政政策，大规模发行10&30年期的长期国债。

Our government should adopt a positive and initiative fiscal policy and issue long-term treasure bonds of ten to thirty years in large size .

对于通胀率最终会大幅上升的担忧，可能很快就会开始影响美国较长期国债的收益率，即利率。

Fears of an eventual significant pickup in inflation may soon begin to be factored into longer-term US government bond yields , or interest rates .

美联储明年开始减少购买国债和抵押贷款债券之后，随着长期国债收益率升高，债券投资者可能遭受更大亏损。

As the Fed reduces its purchases of Treasury and mortgage bonds next year , the prospect of further losses beckons as long-term yields rise .