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Bonds
债券
Bonds are debt owed by a government or a company.
债券是一种由政府或公司发行的债务凭证。
The holder of a bond is paid interest until the date when the bond matures.
债券持有者在债券到期时能收到利息，
Then the amount of the bond, its face value, is paid back.
然后是返还的债券金额，也就是面值。
Investors can buy a new bond and keep it until it matures.
投资者可以购买新债券并一直持有至到期日，
Or they can buy and sell existing bonds.
也可在债券有效期内买卖债券，
The return on a bond is called the yield.
赚取差价。债券的回报称为收益。
Yields and prices of existing bonds can change as investors trade them.
投资者在买卖债券时，收益与债券价格可能会有所改变。
Yields fall when investors seek the security of bonds and are willing to pay higher prices.
当投资者为寻求债券的安全性而愿意支付更高价格的时候，
Yields increase as prices fall.
收益会降低。
Higher yields raise the cost for individuals and businesses to borrow money.
相反，价格下降时收益增加。高收益使得个人或企业筹集资金的成本增加。
Rising yields can also hurt stock prices.
高收益也影响股票价格。
When yields rise, investors often sell stocks in order to buy bonds.
当债券的收益增加，投资者会卖出股票以购买债券。
If investors can get high yields holding low-risk bonds,or simply keeping money in the bank, they will do it.
如果买低风险的债券或者将钱存在银行就能获得高收益，投资者就会这么做。
