以下为句子列表：
英文: On the negative side, purchases of Treasury securities are down by half from the first five months of 2004, the recent peak level.
中文: 另一方面，外国投资者购买美国国债的数量较2004年前5个月（近期的峰值水平）下降了一半。
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英文: The agency which presides over the sale of government securities such as treasury securities and US savings bonds.
中文: 负责如国库券和美国储蓄债券等政府债券销售的机构。
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英文: The liquidity difference between on-the-run and off-the-run treasury securities has been studied widely by international scholars.
中文: 摘要新券和旧券流动性差异一直以来都是国际学术界被广泛关注与研究的问题。
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英文: This paper explores the liquidity difference between on-the-run and off-the-run treasury securities of 7-year and 10-year notes listed on Shanghai Stock Exchange, using intra-day trading data from Shanghai Stock Exchange.
中文: 本文选择在上海证券交易所上市交易的7年期，10年期和20年期国债，利用日内交易数据，实证研究了新券与旧券的流动性问题。
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英文: Treasury inflation-protected securities spreads (the difference between yields on conventional Treasury securities and Tips) suggest only a modest increase in inflationary expectations.
中文: 目前的国债通胀保值债券息差(传统国债证券收益率和通胀保值债券收益率之间的差额)表明，通胀预期值仅有小幅上升。
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