The word you mentioned belongs to FRM vocabulary. Mastering FRM vocabulary can make you feel at home in FRM. The translation and meaning of this word are as follows: it refers to the government bonds issued by the national financial institutions to make up for the imbalance of the national treasury. Because the debtor of the national debt is the country, its repayment guarantee is the national fiscal revenue, and there is almost no risk of credit default, so it is the least risky credit tool in the financial market. The shortest term of China's national debt is one year, while there are many kinds of national debt in western countries, which can be generally divided into four types: three months, six months, nine months and 1 year. The starting point of denomination varies from country to country. Treasury bills are bearer forms and can be transferred and circulated without endorsement.