Bond Liquidity

Treasury and treasury market play an important role in modern market economy , which are the adjoint point between fiscal policy and monetary policy, the maturity of treasury market makes influence on the efficiency of the state's fiscal policy and monetary policy ,which is also concerned about the solidal fundation of the state's financial market.The treasury is a kind of interest goods ,which has the essence of commerce .As a kind of financial goods .treasury can obtain the goal of preserving and appreciation of value. It is through improving the liquidity of treasury that can embody the commercial essence of treasury, speed the development of treasury raise ,reduce the cost of issuing treasury, build up the benchmark, improve the merketrization of interest rate ,provide more chances for mutual funds. More important is that, through improving the liquidity of treasury, we can solve the problem of poor combination of fiscal policy and monetary policy, change the way of the governmental interfering the economy, change the ways of interfering the economy from direct and numerical interference to indirect and price signal interference, make the central bank play more important role in modern elonomy.From the standpoint of improving treasury liquidity, the paper analyses the liquidity of treasury market through quantitive and institutional analyses, make some comment on improving the liquidity of treasury.In the paper, it is pointed out that the construction of treasury liquidity is a systematic problem. In order to improve the liquidity of treasury ,the government should establish a general treasury settlement system, generalize the treasury markets, improve the ratio of account treasury and coupon treasury, establish the quilibrium fund to stablize the treasury market , encourage institutional investors to join in the treasury transactions, improve the establishment of treasury investment fund .Net price transaction should be applied instead of gross price transaction.Conditions to reopening of treasury future market should be prepared.