【中文版】

流通债券是指可以在流通市场上自由买卖的债券。这种债券的特点是可以通过二级市场进行买卖，具有较好的流通性。与股票不同，流通债券的持有者并不是公司的股东，因此不会享有股东的权益，但可以获得固定的利息回报和本金偿还。

流通债券的发行通常由政府或大型企业进行，发行的目的是为了进行融资或提高资金流动性。这种债券通常具有固定的利率和偿还期限，投资者可以通过购买流通债券获得相对稳定的收益。

流通债券的价格受到多种因素的影响，包括市场利率、债券的评级和期限、以及经济形势等。投资者在进行投资决策时需要对这些因素进行全面的考虑和分析。

流通债券是一种重要的投资工具，可以为投资者提供相对稳定的收益和较低的风险。同时，流通债券也是货币政策和金融监管的重要工具之一，政府可以通过调整流通债券的利率等货币政策工具来影响市场利率和投资行为。

【英文版】

Liquid bonds refer to bonds that can be freely traded on the market. This type of bond is characterized by its good liquidity, which means that it can be easily bought or sold in the secondary market. Unlike stocks, holders of liquid bonds are not shareholders of the company and therefore do not enjoy the company's equity rights, but can obtain fixed interest returns and principal repayment.

The issuance of liquid bonds is usually carried out by the government or large enterprises, with the purpose of financing or improving the liquidity of funds. These bonds usually have fixed interest rates and maturity dates, and investors can obtain relatively stable returns by purchasing liquid bonds.

The price of liquid bonds is affected by various factors, including market interest rates, the rating and maturity of the bonds, and the economic situation. Investors need to comprehensively consider and analyze these factors when making investment decisions.

Liquid bonds are important investment tools that can provide investors with relatively stable returns and low risks. At the same time, liquid bonds are also important tools for monetary policy and financial regulation. The government can influence market interest rates and investment behavior by adjusting monetary policy tools such as the interest rate of liquid bonds.