Treasury bills refer to a type of government bonds issued by the national fiscal authorities to make up for the imbalance of the national treasury balance of payments.

The advantage of treasury bills is: because the debtor of treasury bills is the state, and its repayment guarantee is the national fiscal revenue, it has almost no credit default risk and is the credit instrument with the smallest risk in the financial market.

The characteristics of treasury bills are:

1. The interest rate of treasury bills is closely related to commercial paper, certificate of deposit, etc. Treasury bill futures can provide hedging for other certificates when their income fluctuates. Strong liquidity. Treasury bills have a vast secondary market, are easy to change hands, can be liquidated at any time, and have high credibility.

2. Treasury bills are the direct debt of the government and are the lowest-risk investments for investors. Many investors regard them as the best investment objects.

3. Although the interest rate of treasury bills is generally lower than that of bank deposits or other bonds, since the interest on treasury bills is exempt from income tax, investing in treasury bills can yield higher returns.