什么是买入返售票据？

中文版：

买入返售票据是一种特殊的金融交易方式，通常发生在银行与金融机构之间。在这种交易中，买入方（通常是银行）先购买票据，并约定在未来的某一时间点将其返售给原出售方（金融机构）。这种交易的目的主要是为了调节金融机构的短期流动性，同时也为银行提供了一种低风险的盈利手段。

买入返售票据的具体操作是，金融机构将其持有的票据以一定的价格卖给银行，同时双方约定在未来的某个时间点，银行将这些票据以原价或约定的价格返售给金融机构。在这个过程中，银行可以通过买入票据获得一定的利息收益，而金融机构则可以在需要时通过返售票据获得流动性支持。

买入返售票据的风险相对较低，因为银行在买入票据时通常会要求金融机构提供足额的抵押品，以确保在票据到期时能够顺利返售。此外，这种交易也有助于维护金融市场的稳定，因为它可以提供一种有效的短期融资手段，帮助金融机构应对临时的资金压力。

英文版：

What is a Repurchase Agreement for Bills?

A repurchase agreement for bills is a specialized financial transaction typically conducted between banks and financial institutions. In this transaction, the buyer (usually a bank) purchases bills and agrees to resell them back to the original seller (financial institution) at a future date. This transaction aims to regulate the short-term liquidity of financial institutions while providing banks with a low-risk profit opportunity.

The specific operation of a repurchase agreement for bills involves a financial institution selling its held bills to a bank at a certain price. Both parties agree that at a future date, the bank will resell these bills back to the financial institution at the original price or an agreed-upon price. Through this process, the bank earns interest income by purchasing the bills, while the financial institution gains liquidity support by reselling them when needed.

The risk associated with repurchase agreements for bills is relatively low as banks typically require financial institutions to provide adequate collateral when purchasing the bills, ensuring their smooth resale at maturity. Additionally, this transaction contributes to maintaining financial market stability by providing an effective short-term financing tool to help financial institutions cope with temporary liquidity pressures.