2007年美国次贷危机引发全球资本市场调整,美国国债利率与其他信用类产品利差不断扩大,显示出国债稳定金融市场和避险的功能,国债开始重新引起投资者的重视。国债市场的流动性对于货币和债券市场发展至关重要,高流动性的国债市场可以降低发债成本,更有利于缓冲国际 In 2007, the subprime mortgage crisis in the United States triggered a global capital market readjustment. The interest rate spread between the U.S. Treasury and other credit products continued to widen. This shows that the government bonds have stabilized their financial markets and hedged their markets. The national debt has begun to attract investors’ attention again. The liquidity of the bond market is crucial for the development of the currency and bond markets. The highly liquid government bond market can reduce the cost of issuing bonds and is more conducive to cushioning international