The second financial rule that privileges repos is that money-market funds must keep their portfolios extremely liquid, because their customers draw checks on their deposits. The cash therefore goes into short-term investments – often via repos to financial firms with risky investments.
第二种给予回购协议债务优先地位的金融规则是，货币市场基金的投资组合必须是具有高度流动性的，因为其客户需要用他们在货币市场基金中的存款签发支票。因此，这笔钱流入了短期投资中，通常是贷给进行风险投资的金融公司的回购协议贷款。