Moreover, in a “risk-off" environment, when investors are risk-averse or when equities and other risky assets are subject to market and/or credit uncertainty, it may be better to hold negative-yielding bonds than riskier and more volatile assets.
此外，在“远离风险”的环境中，但投资者不愿承担风险或股票和其他风险资产面临市场和/或信用不确定性时，持有负收益率债券比持有风险更高、波动更大的资产更好。