Moody’s, a credit-rating agency, says its liquidity-stress index, which tracks the cash position of heavily indebted American firms, shows they are feeling as pinched as at any time since late 2002.

信用评级机构Moody’s表示，他们评定的反映已负债累累的美国公司现金状况的流动资金状态指数显示：目前这些公司正处于自2002年底以来从未遭遇的艰难境地。

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When asset inflation is followed quickly by consumer price index (CPI) inflation, central Banks must decrease liquidity.

当CPI紧随资产价格上涨而上涨时，央行必须紧缩流动性。

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At present the bond repurchase and trade are the main dealing in the national interbank bond market, among which bond market is regarded as the main index measuring this liquidity.

现阶段全国银行间债券市场主要的交易业务为债券回购和现券买卖，其中现券买卖交易量应当成为衡量银行间债券市场流动性的主要指标。

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Tom Lydon, president of Global Trends Investments, says good ETFs have a reasonable expense ratio, a well-diversified underlying index and underlying stocks with lots of liquidity.

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The financial conditions index indicates that Singapore should see little growth benefit from increased global liquidity with a stronger SGD offsetting any beneficial impact on domestic financial conditions.

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The challenge for the architect of a bond ETF is to ensure that it closely tracks its respective index in a cost-effective manner, despite the lack of liquidity in the bond market.

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