Official definition · 官方定义
“In financial markets, liquidity refers to how quickly an investment can be sold without negatively impacting its price.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Liquidity is how quickly an asset can be sold without moving its price much. Cash is perfectly liquid; a building is not. In markets, liquidity also means having enough buyers present to absorb a trade.
流动性是资产能否在不明显压低价格的情况下快速卖出。现金流动性最好，房产最差。在市场上，流动性还意味着有足够多的买家能吸收一笔交易。
Liquidity is the thing everyone assumes until it disappears. A bond fund can promise daily redemptions while holding assets that take weeks to sell; that mismatch is fine in calm markets and fatal in a rush. The 2020 Treasury market, the most liquid market in the world, needed central-bank intervention within days. When someone says an asset is liquid, ask: liquid for how much, and at what price?
流动性是所有人都默认存在、直到它消失的东西。债券基金可以承诺每日赎回，却持有着要几周才能卖掉的资产；平静时没问题，挤兑时是致命的。
2020 年连全球最活跃的美债市场，也在几天内需要央行出手。所以说某资产「流动性好」时，要追问：多大金额、什么价格？
Liquid means safe
It means easy to sell. The price can still fall fast.
Market liquidity is constant
It vanishes exactly when you need it.
Cash is the only liquid asset
Large-cap equities and Treasuries are liquid, but not at any size.
· liquidity crunch
· thin liquidity
· a liquidity buffer
· drain liquidity
· liquidity premium
liquidity crunch 流动性紧缩；thin liquidity 流动性稀薄；a liquidity buffer 流动性缓冲；drain liquidity 抽走流动性；liquidity premium 流动性溢价。
· liquidity vs solvency
· market liquidity vs funding liquidity
liquidity 是能不能卖出去，solvency 是资产够不够还债；market liquidity 指资产好卖，funding liquidity 指借得到钱。
Liquidity in the Treasury market deteriorated sharply, with bid-ask spreads widening to X.
市况句：美债市场流动性急剧恶化，买卖价差扩大到 X——bid-ask spread 是流动性最直接的体温计。