Its bond markets remain small, and trading volume is low, because the majority of bonds are held to maturity by domestic investors. This is a matter of considerable importance to central banks, which value liquidity when deciding which currencies to hold as reserve.
在我看来，答案在于中国如何应对以下四个挑战。首先，中国需要建立流动性更强的金融市场。其债券市场规模依然较小，交易额偏低，这是因为大部分债券都由国内投资者持有直至到期。而这对其他国家的中央银行来说是一个相当重要的问题，因为它们在决定持有哪种货币作为储备时都会重点考虑流动性。毕竟正是美国国库债券的流动性使其成为世界上最主要的储备资产。