国债逆回购较于货币基金有其独特的优势,但是其交易机制导致的不容忽视的持有时间陷阱问题,将导致实际收益率的下跌。但在利率畸高的情况下,如能进行大规模的隔夜交易也可以进行很好的流动性管理。 Treasury bills reverse repurchase has its own unique advantages over Monetary Fund, but the trapping of the holding time which can not be ignored due to its trading mechanism will lead to the decline of the real yield. However, in the case of unusually high interest rates, good liquidity management can also be carried out if there is a large overnight transaction.