国债是以国家信用为基础，为向社会筹集资金而发行的一种债券，是政府出具的、承诺在一定时期还本付息的债权债务凭证。国债一般被视为无风险债券，流动性较好。国债收益率曲线一般被用作各类定价的基准收益率曲线。中国1981年恢复发行国债，重新开始建立现代意义的国债市场。经过30余年的发展，中国国债市场已具备了可观的规模，也已初步建立起较为完善的发行与交易制度，形成了银行间市场为主、交易所市场并行的组织架构。
The issuance of treasury bond is based on sovereign credit and hinges on pooling of social capital. The treasury bond is a proof of debt and creditors’ right that is provided by the government and its principal and interest will be repaid within certain period of time. Treasury bond is generally seen as a riskless product with high liquidity；the bond yield curve is also used as the benchmark yield curve for pricing of various products. China resumed issuance of treasury bond from 1981 and started to establish a modern treasury bond market. After more than 30 years of development，China’s treasury bond market has had a considerable scale and established a relatively sound issuance and transaction mechanism. Its organizational structure is centered on the inter-bank market and composed of bond exchange markets.
