Next, assume that there is a risk-free asset.

接下来，假设存在一种无风险资产。

youdao

Since America is the world's largest economy, has the most liquid financial markets and operates the world's premier reserve currency, the Treasury bond has been seen as the global risk-free asset.

美国是全球最大的经济体，拥有流动性最强的金融市场，管理着全球最重要的储备货币，因此，美国国债已经被视为一项全球性的无风险资产。

youdao

So what might replace Treasury bonds as the global risk-free asset?

那么，什么来取代美国国债成为全球性的无风险资产呢？

youdao

Government bonds are used as a broadly risk-free asset against which other financial instruments are priced (see article).

ECONOMIST: Coping with surpluses

That is not bad for a risk-free asset with a maturity of one to six years in theory, and often only a few months in practice.

ECONOMIST: India's finances

Unfortunately, because QE involves the exchange of one risk-free asset (bank reserves) for another (Treasury securities), QE does nothing to increase the amount of risk-free assets available to the market.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head