【中文版】

债券风险是指债券发行人或债券持有人面临的债券价值下跌或无法按时收回本金和利息的风险。债券风险主要包括市场风险、信用风险和流动性风险。

市场风险是指由于市场利率波动导致债券价格下跌的风险。当市场利率上升时，债券价格会下跌，投资者持有的债券价值也会随之降低。因此，投资者需要承担市场风险，以获得固定的债券利息收入。

信用风险是指债券发行人无法按照协议规定的期限和利率偿还本金和利息的风险。如果债券发行人违约，投资者可能会损失部分或全部的投资本金和利息。因此，投资者在选择债券时需要谨慎考虑债券发行人的信用评级和偿债能力。

流动性风险是指投资者在短期内无法以期望的价格卖出债券的风险。如果投资者需要在短期内卖出债券，但市场上的需求不足，他们可能会被迫以较低的价格卖出，从而遭受损失。

总的来说，债券风险是投资者在购买债券时必须考虑的重要因素。投资者应该根据自己的风险承受能力和投资目标来选择适合自己的债券，并密切关注市场动态和债券发行人的信用评级，以降低投资风险。

【英文版】

Bond risk refers to the risk that the issuer of the bond or the holder of the bond faces in the event of a decrease in the value of the bond or the inability to recover principal and interest on time. Bond risk mainly includes market risk, credit risk and liquidity risk.

Market risk refers to the risk that the price of the bond will fall due to fluctuations in market interest rates. When market interest rates rise, the price of the bond will fall, and the value of the bond held by investors will also decrease. Therefore, investors need to bear market risks to obtain fixed bond interest income.

Credit risk refers to the risk that the bond issuer cannot repay principal and interest on time in accordance with the agreement terms. If the bond issuer defaults, investors may lose some or all of their invested principal and interest. Therefore, investors need to carefully consider the credit rating and debt repayment ability of the bond issuer when selecting bonds.

Liquidity risk refers to the risk that investors cannot sell bonds at desired prices in a short period of time. If investors need to sell bonds in a short period of time but there is insufficient demand in the market, they may be forced to sell at a lower price and thus suffer losses.

Overall, bond risk is an important factor that investors must consider when purchasing bonds. Investors should choose bonds that suit their risk tolerance and investment goals, and closely monitor market dynamics and the credit rating of bond issuers to reduce investment risks.