{"release_id":5,"data":{"id":12724,"release_id":5,"source_id":"sgkb.economy-finance.government-securities-and-debt-market","kind":"article","fingerprint":"b81c7d2a5843c895ec3714714289791cc2001499dc1af883519d6c7301402127","title_en":"Government Securities and the Debt Market","title_zh":"\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a","domain":"economy-finance","status":"verified","date":"2026-10-14","payload":{"data":{"path":"economy-finance\/government-securities-and-debt-market.md","tags":["public-finance","finance-sector","policy","concept"],"title":"Government Securities and the Debt Market","domain":"economy-finance","facets":["business","institution","policy","procedure"],"status":"verified","topics":["sgtopic.economy","sgtopic.economy.banking-fintech","sgtopic.economy.fiscal-policy","sgtopic.economy.government-securities"],"aliases":["SGS bonds","SSGS","Singapore government debt","T-bills Singapore","SINGA bonds"],"related":[],"sources":[{"url":"https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/","title":"MOF \u2014 What are the reserves used for?","accessed":"2026-10-14"},{"url":"https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market","title":"MAS \u2014 Understanding Singapore's bond market","accessed":"2026-10-14"},{"url":"https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals","title":"MAS \u2014 SGS bonds information for individuals","accessed":"2026-10-14"},{"url":"https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions","title":"MAS \u2014 MAS Bills information for institutions","accessed":"2026-10-14"}],"summary":"Singapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.","entities":["sg.agency.mas","sg.agency.mof"],"language":"en","volatility":"slow","document_id":"sgkb.economy-finance.government-securities-and-debt-market","jurisdiction":"SG","document_type":"article","last_verified":"2026-10-14","temporal_scope":"current","document_sha256":"582bb92864c2e1f70d09274f708b5857d92391b6a0ea75123d98c7b3876652e7","geographic_scope":["national"],"classification_source":"domain-default","classification_confidence":"medium"},"date":"2026-10-14","kind":"article","wiki":{"path":"economy-finance\/government-securities-and-debt-market.md","domain":"economy-finance","locales":{"en":{"title":"Government Securities and the Debt Market","summary":"Singapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.","markdown":"# Government Securities and the Debt Market\n\n**Singapore Government Securities (SGS)** and related instruments are how the Republic issues **Singapore-dollar debt** on behalf of the Government, with the **Monetary Authority of Singapore (MAS)** acting as fiscal agent for most issuances ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). The system serves **two different purposes** that retrieval often conflates: **market-development and CPF-linked borrowings whose proceeds are invested and cannot fund day-to-day spending**, and **infrastructure borrowings under the Significant Infrastructure Government Loan Act (SINGA)** that finance qualifying long-term projects ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). Fiscal framing and NIRC sit in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); CPF's SSGS link sits in [cpf overview](\/en\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview) and [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek).\n\n## Why Singapore issues government debt despite fiscal prudence\n\nMOF describes Singapore as running **balanced budgets over the long term** and often recording surpluses, while still using reserves and NIRC for spending ([MOF fiscal overview](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)). MAS explains that the Government nonetheless issues **SGS bonds and Treasury bills (T-bills)** primarily to **build a liquid benchmark yield curve**, deepen the **corporate bond market**, and support **risk management** through active secondary trading ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). That is **debt-market infrastructure**, not a substitute for printing money to cover operating deficits.\n\nSeparately, **Special Singapore Government Securities (SSGS)** are issued to the **CPF Board** so members' balances earn the promised interest with a **government guarantee**; MOF states that **no CPF monies go toward government spending** and that proceeds from **SGS and SSGS cannot be spent** under the **Government Securities Act** framework \u2014 they are commingled with other government funds and invested ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). GIC manages the pooled assets without a segregated \"CPF-only\" mandate ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)).\n\n## SGS (Market Development), infrastructure bonds, and green variants\n\nMAS groups **SGS bonds** into categories that share **AAA sovereign backing** but differ in **statute and use of proceeds** ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)):\n\n| Category | Legislation (per MAS) | Stated objective |\n| --- | --- | --- |\n| **SGS (Market Development)** | Government Securities (Debt Market and Investment) Act 1992 | Develop the domestic debt market |\n| **SGS (Infrastructure)** | Significant Infrastructure Government Loan Act 2021 (SINGA) | Finance major, long-term infrastructure |\n| **Green SGS (Infrastructure)** | SINGA; Singapore Green Bond Framework | Finance major long-term **green** infrastructure |\n\n**SGS bonds** pay a **fixed coupon every six months**; MAS lists tenors of **2, 5, 10, 15, 20, 30 and 50 years** for the main SGS bond programme ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). **T-bills** are shorter **discount securities** (typically **six months or one year** in the retail-facing description) used alongside bonds in the yield-curve project ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)).\n\nInfrastructure and green infrastructure bonds are **spending-linked debt** with their own legislative caps and project eligibility; they must not be described as identical to classic **SGS (Market Development)** paper whose proceeds MOF treats as **invested, non-spendable** market-development funding ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)).\n\n## MAS Bills, Singapore Savings Bonds, and what retail investors see\n\n**MAS Bills** are **central-bank** discount securities (for example **4-, 12- or 36-week** maturities in MAS's institutional description) used in **money-market operations** to manage **banking-system liquidity** and to expand the pool of **high-quality liquid assets** for banks ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)). They are **not** the same instrument as **SGS (Market Development)** bonds or **Treasury bills**, though all sit in Singapore's SGD fixed-income ecosystem ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)).\n\nMAS also promotes **Singapore Savings Bonds (SSBs)** as a **retail, government-backed** savings product alongside auctioned **SGS** and **T-bills** ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)). SSB mechanics (caps, step-up interest, redemption rules) change with MAS notices; quote only from the current MAS SSB pages when answering operational how-to questions.\n\n## Links to monetary policy, reserves, and CPF interest\n\nMOF notes that **official foreign reserves** let MAS defend the **Singapore dollar** within its policy band, supporting macro stability ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)). **Government securities liabilities** (including **SSGS**) enter the **net-assets** calculation for **Net Investment Returns (NIR)** \u2014 relevant assets are **net of Government liabilities** ([MOF NIRC materials](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)).\n\nFor **CPF** interest policy, MOF states that **Special, MediSave and Retirement Account** rates reference **10-year SGS yields** (with a legislated floor), while the **Ordinary Account** references **local bank deposit rates** with a minimum ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [annual rates](\/en\/knowledge\/dataset\/sgkb.data.annual-rates)). That peg is **not** the same as GIC's reported long-term return in any given year ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)).\n\n## Common retrieval mistakes\n\nErrors include saying **SGS proceeds fund ministries' operating budgets**, treating **SINGA infrastructure bonds** as identical to **SGS (Market Development)**, or claiming **CPF principal was \"invested in Temasek\"** because the Government balance sheet is pooled ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). Another mistake is inferring **national insolvency** from gross debt statistics without recognising Singapore's **strong net asset position** and non-spendable SGS\/SSGS proceeds framework ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). For exchange-rate policy use [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy); for Budget revenue use [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); for bank and capital-markets regulation use [banking and financial hub](\/en\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub) and [singapore exchange](\/en\/knowledge\/article\/sgkb.economy-finance.singapore-exchange)."},"zh":{"title":"\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a","summary":"\u65b0\u52a0\u5761\u53d1\u884c\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u503a\u5238\uff08SGS\uff09\u3001\u56fd\u5e93\u5238\uff08T-bills\uff09\u3001\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09\u53ca\u76f8\u5173\u5de5\u5177\uff0c\u4e3b\u8981\u7528\u4e8e\u5efa\u7acb\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf\u5e76\u6ee1\u8db3\u516c\u79ef\u91d1\uff08CPF\uff09\u7684\u6295\u8d44\u9700\u6c42\uff1b\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\uff0c\u800c\u975e\u652f\u51fa\uff1b\u65b0\u52a0\u5761\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\uff08SINGA\uff09\u503a\u5238\u5219\u6839\u636e\u5355\u72ec\u7684\u4fdd\u969c\u63aa\u65bd\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44\u3002","markdown":"# \u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a\n\n**\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SGS\uff09**\u53ca\u76f8\u5173\u5de5\u5177\u662f\u5171\u548c\u56fd\u4ee3\u8868\u653f\u5e9c\u53d1\u884c**\u65b0\u52a0\u5761\u5143\u503a\u52a1**\u7684\u65b9\u5f0f\uff0c\u5927\u591a\u6570\u53d1\u884c\u7531**\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09**\u62c5\u4efb\u8d22\u653f\u4ee3\u7406\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u5957\u5236\u5ea6\u6709**\u4e24\u4e2a\u4e0d\u540c\u76ee\u7684**\uff0c\u68c0\u7d22\u65f6\u5e38\u4f1a\u5c06\u5176\u6df7\u4e3a\u4e00\u8c08\uff1a**\u7528\u4e8e\u53d1\u5c55\u5e02\u573a\u53ca\u4e0e CPF \u76f8\u5173\u7684\u501f\u6b3e\uff0c\u5176\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\u4e14\u4e0d\u5f97\u7528\u4e8e\u65e5\u5e38\u5f00\u652f**\uff1b\u4ee5\u53ca\u6839\u636e\u300a\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09\u8fdb\u884c\u7684**\u57fa\u7840\u8bbe\u65bd\u501f\u6b3e\uff0c\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002\u8d22\u653f\u6846\u67b6\u548c NIRC \u89c1[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1bCPF \u4e0e SSGS \u7684\u5173\u8054\u89c1[CPF \u6982\u89c8](\/zh\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview)\u548c[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\u3002\n\n## \u5c3d\u7ba1\u8d22\u653f\u5ba1\u614e\uff0c\u65b0\u52a0\u5761\u4e3a\u4f55\u4ecd\u53d1\u884c\u653f\u5e9c\u503a\u52a1\n\n\u8d22\u653f\u90e8\uff08MOF\uff09\u79f0\uff0c\u65b0\u52a0\u5761\u957f\u671f\u4fdd\u6301**\u9884\u7b97\u5e73\u8861**\uff0c\u5e76\u7ecf\u5e38\u5f55\u5f97\u76c8\u4f59\uff0c\u540c\u65f6\u4ecd\u4f1a\u52a8\u7528\u50a8\u5907\u91d1\u548c NIRC \u652f\u51fa\uff08[MOF \u8d22\u653f\u6982\u89c8](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002MAS \u89e3\u91ca\uff0c\u653f\u5e9c\u4ecd\u53d1\u884c**SGS \u503a\u5238\u548c\u56fd\u5e93\u5238\uff08T-bills\uff09**\uff0c\u4e3b\u8981\u662f\u4e3a\u4e86**\u5efa\u7acb\u6d41\u52a8\u7684\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf**\u3001\u6df1\u5316**\u4f01\u4e1a\u503a\u5238\u5e02\u573a**\uff0c\u5e76\u901a\u8fc7\u6d3b\u8dc3\u7684\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u652f\u6301**\u98ce\u9669\u7ba1\u7406**\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u662f**\u503a\u52a1\u5e02\u573a\u57fa\u7840\u8bbe\u65bd**\uff0c\u5e76\u975e\u4ee5\u5370\u949e\u6765\u5f25\u8865\u8fd0\u8425\u8d64\u5b57\u3002\n\n\u6b64\u5916\uff0c\u653f\u5e9c\u5411**CPF \u5c40**\u53d1\u884c**\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09**\uff0c\u4f7f\u4f1a\u5458\u4f59\u989d\u5728**\u653f\u5e9c\u62c5\u4fdd**\u4e0b\u83b7\u5f97\u627f\u8bfa\u7684\u5229\u606f\uff1bMOF \u8868\u793a\uff0c**\u6ca1\u6709 CPF \u6b3e\u9879\u7528\u4e8e\u653f\u5e9c\u5f00\u652f**\uff0c\u4e14\u6839\u636e\u300a\u653f\u5e9c\u8bc1\u5238\u6cd5\u300b\u6846\u67b6\uff0c**SGS \u548c SSGS \u7684\u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa**\u2014\u2014\u8fd9\u4e9b\u6b3e\u9879\u4e0e\u5176\u4ed6\u653f\u5e9c\u8d44\u91d1\u6df7\u5408\u5e76\u7528\u4e8e\u6295\u8d44\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002GIC \u7ba1\u7406\u8fd9\u4e9b\u6c47\u96c6\u7684\u8d44\u4ea7\uff0c\u5e76\u65e0\u9694\u79bb\u7684\u201c\u4ec5\u9650 CPF\u201d\u6295\u8d44\u6388\u6743\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\uff09\u3002\n\n## SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09\u3001\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u53ca\u7eff\u8272\u503a\u5238\n\nMAS \u5c06**SGS \u503a\u5238**\u5206\u4e3a\u4e0d\u540c\u7c7b\u522b\u3002\u8fd9\u4e9b\u7c7b\u522b\u5747\u7531**AAA \u7ea7\u4e3b\u6743\u4fe1\u7528**\u652f\u6301\uff0c\u4f46**\u9002\u7528\u6cd5\u89c4\u548c\u6240\u5f97\u6b3e\u9879\u7528\u9014**\u4e0d\u540c\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\uff1a\n\n| \u7c7b\u522b | \u6cd5\u5f8b\uff08\u636e MAS\uff09 | \u660e\u786e\u76ee\u7684 |\n| --- | --- | --- |\n| **SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09** | \u300a1992 \u5e74\u653f\u5e9c\u8bc1\u5238\uff08\u503a\u52a1\u5e02\u573a\u4e0e\u6295\u8d44\uff09\u6cd5\u300b | \u53d1\u5c55\u672c\u5730\u503a\u52a1\u5e02\u573a |\n| **SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | \u300a2021 \u5e74\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09 | \u4e3a\u5927\u578b\u957f\u671f\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n| **\u7eff\u8272 SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | SINGA\uff1b\u300a\u65b0\u52a0\u5761\u7eff\u8272\u503a\u5238\u6846\u67b6\u300b | \u4e3a\u5927\u578b\u957f\u671f**\u7eff\u8272**\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n\n**SGS \u503a\u5238**\u6bcf\u516d\u4e2a\u6708\u652f\u4ed8\u4e00\u6b21**\u56fa\u5b9a\u7968\u606f**\uff1bMAS \u5217\u51fa\u7684\u4e3b\u8981 SGS \u503a\u5238\u8ba1\u5212\u671f\u9650\u4e3a **2\u30015\u300110\u300115\u300120\u300130 \u548c 50 \u5e74**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u662f\u671f\u9650\u8f83\u77ed\u7684**\u8d34\u73b0\u8bc1\u5238**\uff08\u9762\u5411\u96f6\u552e\u6295\u8d44\u8005\u7684\u4ecb\u7ecd\u901a\u5e38\u5217\u51fa **\u516d\u4e2a\u6708\u6216\u4e00\u5e74**\uff09\uff0c\u4e0e\u503a\u5238\u4e00\u540c\u7528\u4e8e\u6784\u5efa\u6536\u76ca\u7387\u66f2\u7ebf\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002\n\n\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u548c\u7eff\u8272\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u662f**\u4e0e\u652f\u51fa\u6302\u94a9\u7684\u503a\u52a1**\uff0c\u6709\u5404\u81ea\u7684\u6cd5\u5b9a\u4e0a\u9650\u548c\u9879\u76ee\u8d44\u683c\u8981\u6c42\uff1b\u4e0d\u5f97\u5c06\u5176\u63cf\u8ff0\u6210\u4e0e\u4f20\u7edf\u7684**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u76f8\u540c\uff0c\u540e\u8005\u7684\u6240\u5f97\u6b3e\u9879\u6309 MOF \u7684\u8bf4\u6cd5\u5c5e\u4e8e**\u7528\u4e8e\u6295\u8d44\u3001\u4e0d\u5f97\u652f\u51fa\u7684**\u5e02\u573a\u53d1\u5c55\u8d44\u91d1\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\n\n## MAS \u7968\u636e\u3001\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\u4e0e\u96f6\u552e\u6295\u8d44\u8005\u6240\u89c1\n\n**MAS \u7968\u636e**\u662f**\u4e2d\u592e\u94f6\u884c**\u53d1\u884c\u7684\u8d34\u73b0\u8bc1\u5238\uff08MAS \u9762\u5411\u673a\u6784\u7684\u4ecb\u7ecd\u4e2d\u5217\u51fa\u4f8b\u5982 **4\u300112 \u6216 36 \u5468**\u671f\u9650\uff09\uff0c\u7528\u4e8e**\u8d27\u5e01\u5e02\u573a\u64cd\u4f5c**\uff0c\u4ee5\u7ba1\u7406**\u94f6\u884c\u4f53\u7cfb\u6d41\u52a8\u6027**\u5e76\u6269\u5927\u94f6\u884c\u7684**\u4f18\u8d28\u6d41\u52a8\u8d44\u4ea7**\u89c4\u6a21\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\u5b83\u4eec\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u6216**\u56fd\u5e93\u5238**\u5e76\u975e\u540c\u4e00\u79cd\u5de5\u5177\uff0c\u4f46\u90fd\u5c5e\u4e8e\u65b0\u52a0\u5761\u7684\u65b0\u5143\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\n\nMAS \u4e5f\u5c06**\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\uff08SSBs\uff09**\u4f5c\u4e3a\u4e00\u79cd**\u7531\u653f\u5e9c\u652f\u6301\u7684\u96f6\u552e\u50a8\u84c4\u4ea7\u54c1**\uff0c\u4e0e\u901a\u8fc7\u62cd\u5356\u53d1\u884c\u7684**SGS**\u548c**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u5e76\u5217\u4ecb\u7ecd\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002SSB \u7684\u5177\u4f53\u673a\u5236\uff08\u4e0a\u9650\u3001\u9012\u589e\u5229\u606f\u3001\u8d4e\u56de\u89c4\u5219\uff09\u4f1a\u968f MAS \u901a\u77e5\u800c\u53d8\u5316\uff1b\u56de\u7b54\u64cd\u4f5c\u6307\u5357\u95ee\u9898\u65f6\uff0c\u53ea\u5f15\u7528 MAS \u5f53\u524d\u7684 SSB \u9875\u9762\u3002\n\n## \u4e0e\u8d27\u5e01\u653f\u7b56\u3001\u50a8\u5907\u91d1\u548c CPF \u5229\u606f\u7684\u5173\u8054\n\nMOF \u6307\u51fa\uff0c**\u5b98\u65b9\u5916\u6c47\u50a8\u5907**\u8ba9 MAS \u80fd\u591f\u5728\u5176\u653f\u7b56\u533a\u95f4\u5185\u634d\u536b**\u65b0\u52a0\u5761\u5143**\uff0c\u4ece\u800c\u652f\u6301\u5b8f\u89c2\u7a33\u5b9a\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff09\u3002**\u653f\u5e9c\u8bc1\u5238\u8d1f\u503a**\uff08\u5305\u62ec **SSGS**\uff09\u4f1a\u8ba1\u5165**\u51c0\u6295\u8d44\u56de\u62a5\uff08NIR\uff09**\u7684**\u51c0\u8d44\u4ea7**\u8ba1\u7b97\u2014\u2014\u76f8\u5173\u8d44\u4ea7\u6309\u6263\u9664\u653f\u5e9c\u8d1f\u503a\u540e\u7684\u51c0\u989d\u8ba1\u7b97\uff08[MOF NIRC \u8d44\u6599](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002\n\n\u5bf9\u4e8e**CPF**\u5229\u7387\u653f\u7b56\uff0cMOF \u8868\u793a\uff0c**\u7279\u522b\u6237\u5934\u3001\u4fdd\u5065\u50a8\u84c4\u6237\u5934\u548c\u9000\u4f11\u6237\u5934**\u5229\u7387\u53c2\u8003**10 \u5e74\u671f SGS \u6536\u76ca\u7387**\uff08\u5e76\u8bbe\u6709\u6cd5\u5b9a\u4e0b\u9650\uff09\uff0c\u800c**\u666e\u901a\u6237\u5934**\u5219\u53c2\u8003**\u672c\u5730\u94f6\u884c\u5b58\u6b3e\u5229\u7387**\uff0c\u540c\u6837\u8bbe\u6709\u6700\u4f4e\u5229\u7387\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[\u5e74\u5ea6\u5229\u7387](\/zh\/knowledge\/dataset\/sgkb.data.annual-rates)\uff09\u3002\u8fd9\u9879\u6302\u94a9\u673a\u5236**\u4e0d\u7b49\u540c\u4e8e**GIC \u5728\u4efb\u4f55\u7279\u5b9a\u5e74\u4efd\u516c\u5e03\u7684\u957f\u671f\u56de\u62a5\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\n\n## \u5e38\u89c1\u68c0\u7d22\u9519\u8bef\n\n\u5e38\u89c1\u9519\u8bef\u5305\u62ec\u58f0\u79f0**SGS \u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u5404\u653f\u5e9c\u90e8\u95e8\u7684\u8fd0\u8425\u9884\u7b97**\uff0c\u628a**SINGA \u57fa\u7840\u8bbe\u65bd\u503a\u5238**\u5f53\u6210\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u5b8c\u5168\u76f8\u540c\uff0c\u6216\u56e0\u4e3a\u653f\u5e9c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u91d1\u662f\u6c47\u96c6\u7ba1\u7406\u7684\uff0c\u5c31\u58f0\u79f0**CPF \u672c\u91d1\u201c\u6295\u8d44\u4e86\u6de1\u9a6c\u9521\u201d**\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u53e6\u4e00\u4e2a\u9519\u8bef\u662f\u53ea\u770b\u5230\u603b\u503a\u52a1\u7edf\u8ba1\u4fbf\u63a8\u65ad**\u56fd\u5bb6\u8d44\u4e0d\u62b5\u503a**\uff0c\u5374\u5ffd\u7565\u65b0\u52a0\u5761**\u5f3a\u52b2\u7684\u51c0\u8d44\u4ea7\u72b6\u51b5**\u4ee5\u53ca SGS\/SSGS \u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa\u7684\u6846\u67b6\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u5173\u4e8e\u6c47\u7387\u653f\u7b56\uff0c\u8bf7\u53c2\u9605[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff1b\u5173\u4e8e\u8d22\u653f\u9884\u7b97\u6536\u5165\uff0c\u8bf7\u53c2\u9605[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1b\u5173\u4e8e\u94f6\u884c\u4e1a\u548c\u8d44\u672c\u5e02\u573a\u76d1\u7ba1\uff0c\u8bf7\u53c2\u9605[\u94f6\u884c\u4e1a\u4e0e\u91d1\u878d\u4e2d\u5fc3](\/zh\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub)\u548c[\u65b0\u52a0\u5761\u4ea4\u6613\u6240](\/zh\/knowledge\/article\/sgkb.economy-finance.singapore-exchange)\u3002"}},"sources":[{"url":"https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/","title":"MOF \u2014 What are the reserves used for?"},{"url":"https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market","title":"MAS \u2014 Understanding Singapore's bond 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institutions","accessed":"2026-10-14"}]},{"chunk_id":"sgkb.economy-finance.government-securities-and-debt-market#links-to-monetary-policy-reserves-and-cpf-interest","document_id":"sgkb.economy-finance.government-securities-and-debt-market","citation_urls":["https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/","https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/"],"content_sha256":"717781371a6910d8cb28e921df4eb1eb7a1d99846204d3f9fbf7ba50188f314a","document_sha256":"582bb92864c2e1f70d09274f708b5857d92391b6a0ea75123d98c7b3876652e7","section_sources":[{"url":"https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/","title":"MOF \u2014 What are the reserves used for?","accessed":"2026-10-14"}]},{"chunk_id":"sgkb.economy-finance.government-securities-and-debt-market#common-retrieval-mistakes","document_id":"sgkb.economy-finance.government-securities-and-debt-market","citation_urls":["https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/"],"content_sha256":"7eb438a242d48c66b97bf44f6cf14dd3426822e4e4b24c0c8f72bc00d051faf0","document_sha256":"582bb92864c2e1f70d09274f708b5857d92391b6a0ea75123d98c7b3876652e7","section_sources":[{"url":"https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/","title":"MOF \u2014 What are the reserves used for?","accessed":"2026-10-14"}]}],"locales":{"en":{"title":"Government Securities and the Debt Market","summary":"Singapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.","markdown":"# Government Securities and the Debt Market\n\n**Singapore Government Securities (SGS)** and related instruments are how the Republic issues **Singapore-dollar debt** on behalf of the Government, with the **Monetary Authority of Singapore (MAS)** acting as fiscal agent for most issuances ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). The system serves **two different purposes** that retrieval often conflates: **market-development and CPF-linked borrowings whose proceeds are invested and cannot fund day-to-day spending**, and **infrastructure borrowings under the Significant Infrastructure Government Loan Act (SINGA)** that finance qualifying long-term projects ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). Fiscal framing and NIRC sit in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); CPF's SSGS link sits in [cpf overview](\/en\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview) and [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek).\n\n## Why Singapore issues government debt despite fiscal prudence\n\nMOF describes Singapore as running **balanced budgets over the long term** and often recording surpluses, while still using reserves and NIRC for spending ([MOF fiscal overview](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)). MAS explains that the Government nonetheless issues **SGS bonds and Treasury bills (T-bills)** primarily to **build a liquid benchmark yield curve**, deepen the **corporate bond market**, and support **risk management** through active secondary trading ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). That is **debt-market infrastructure**, not a substitute for printing money to cover operating deficits.\n\nSeparately, **Special Singapore Government Securities (SSGS)** are issued to the **CPF Board** so members' balances earn the promised interest with a **government guarantee**; MOF states that **no CPF monies go toward government spending** and that proceeds from **SGS and SSGS cannot be spent** under the **Government Securities Act** framework \u2014 they are commingled with other government funds and invested ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). GIC manages the pooled assets without a segregated \"CPF-only\" mandate ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)).\n\n## SGS (Market Development), infrastructure bonds, and green variants\n\nMAS groups **SGS bonds** into categories that share **AAA sovereign backing** but differ in **statute and use of proceeds** ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)):\n\n| Category | Legislation (per MAS) | Stated objective |\n| --- | --- | --- |\n| **SGS (Market Development)** | Government Securities (Debt Market and Investment) Act 1992 | Develop the domestic debt market |\n| **SGS (Infrastructure)** | Significant Infrastructure Government Loan Act 2021 (SINGA) | Finance major, long-term infrastructure |\n| **Green SGS (Infrastructure)** | SINGA; Singapore Green Bond Framework | Finance major long-term **green** infrastructure |\n\n**SGS bonds** pay a **fixed coupon every six months**; MAS lists tenors of **2, 5, 10, 15, 20, 30 and 50 years** for the main SGS bond programme ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). **T-bills** are shorter **discount securities** (typically **six months or one year** in the retail-facing description) used alongside bonds in the yield-curve project ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)).\n\nInfrastructure and green infrastructure bonds are **spending-linked debt** with their own legislative caps and project eligibility; they must not be described as identical to classic **SGS (Market Development)** paper whose proceeds MOF treats as **invested, non-spendable** market-development funding ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)).\n\n## MAS Bills, Singapore Savings Bonds, and what retail investors see\n\n**MAS Bills** are **central-bank** discount securities (for example **4-, 12- or 36-week** maturities in MAS's institutional description) used in **money-market operations** to manage **banking-system liquidity** and to expand the pool of **high-quality liquid assets** for banks ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)). They are **not** the same instrument as **SGS (Market Development)** bonds or **Treasury bills**, though all sit in Singapore's SGD fixed-income ecosystem ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)).\n\nMAS also promotes **Singapore Savings Bonds (SSBs)** as a **retail, government-backed** savings product alongside auctioned **SGS** and **T-bills** ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)). SSB mechanics (caps, step-up interest, redemption rules) change with MAS notices; quote only from the current MAS SSB pages when answering operational how-to questions.\n\n## Links to monetary policy, reserves, and CPF interest\n\nMOF notes that **official foreign reserves** let MAS defend the **Singapore dollar** within its policy band, supporting macro stability ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)). **Government securities liabilities** (including **SSGS**) enter the **net-assets** calculation for **Net Investment Returns (NIR)** \u2014 relevant assets are **net of Government liabilities** ([MOF NIRC materials](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)).\n\nFor **CPF** interest policy, MOF states that **Special, MediSave and Retirement Account** rates reference **10-year SGS yields** (with a legislated floor), while the **Ordinary Account** references **local bank deposit rates** with a minimum ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [annual rates](\/en\/knowledge\/dataset\/sgkb.data.annual-rates)). That peg is **not** the same as GIC's reported long-term return in any given year ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)).\n\n## Common retrieval mistakes\n\nErrors include saying **SGS proceeds fund ministries' operating budgets**, treating **SINGA infrastructure bonds** as identical to **SGS (Market Development)**, or claiming **CPF principal was \"invested in Temasek\"** because the Government balance sheet is pooled ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). Another mistake is inferring **national insolvency** from gross debt statistics without recognising Singapore's **strong net asset position** and non-spendable SGS\/SSGS proceeds framework ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). For exchange-rate policy use [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy); for Budget revenue use [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); for bank and capital-markets regulation use [banking and financial hub](\/en\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub) and [singapore exchange](\/en\/knowledge\/article\/sgkb.economy-finance.singapore-exchange)."},"zh":{"title":"\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a","summary":"\u65b0\u52a0\u5761\u53d1\u884c\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u503a\u5238\uff08SGS\uff09\u3001\u56fd\u5e93\u5238\uff08T-bills\uff09\u3001\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09\u53ca\u76f8\u5173\u5de5\u5177\uff0c\u4e3b\u8981\u7528\u4e8e\u5efa\u7acb\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf\u5e76\u6ee1\u8db3\u516c\u79ef\u91d1\uff08CPF\uff09\u7684\u6295\u8d44\u9700\u6c42\uff1b\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\uff0c\u800c\u975e\u652f\u51fa\uff1b\u65b0\u52a0\u5761\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\uff08SINGA\uff09\u503a\u5238\u5219\u6839\u636e\u5355\u72ec\u7684\u4fdd\u969c\u63aa\u65bd\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44\u3002","markdown":"# \u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a\n\n**\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SGS\uff09**\u53ca\u76f8\u5173\u5de5\u5177\u662f\u5171\u548c\u56fd\u4ee3\u8868\u653f\u5e9c\u53d1\u884c**\u65b0\u52a0\u5761\u5143\u503a\u52a1**\u7684\u65b9\u5f0f\uff0c\u5927\u591a\u6570\u53d1\u884c\u7531**\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09**\u62c5\u4efb\u8d22\u653f\u4ee3\u7406\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u5957\u5236\u5ea6\u6709**\u4e24\u4e2a\u4e0d\u540c\u76ee\u7684**\uff0c\u68c0\u7d22\u65f6\u5e38\u4f1a\u5c06\u5176\u6df7\u4e3a\u4e00\u8c08\uff1a**\u7528\u4e8e\u53d1\u5c55\u5e02\u573a\u53ca\u4e0e CPF \u76f8\u5173\u7684\u501f\u6b3e\uff0c\u5176\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\u4e14\u4e0d\u5f97\u7528\u4e8e\u65e5\u5e38\u5f00\u652f**\uff1b\u4ee5\u53ca\u6839\u636e\u300a\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09\u8fdb\u884c\u7684**\u57fa\u7840\u8bbe\u65bd\u501f\u6b3e\uff0c\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002\u8d22\u653f\u6846\u67b6\u548c NIRC \u89c1[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1bCPF \u4e0e SSGS \u7684\u5173\u8054\u89c1[CPF \u6982\u89c8](\/zh\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview)\u548c[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\u3002\n\n## \u5c3d\u7ba1\u8d22\u653f\u5ba1\u614e\uff0c\u65b0\u52a0\u5761\u4e3a\u4f55\u4ecd\u53d1\u884c\u653f\u5e9c\u503a\u52a1\n\n\u8d22\u653f\u90e8\uff08MOF\uff09\u79f0\uff0c\u65b0\u52a0\u5761\u957f\u671f\u4fdd\u6301**\u9884\u7b97\u5e73\u8861**\uff0c\u5e76\u7ecf\u5e38\u5f55\u5f97\u76c8\u4f59\uff0c\u540c\u65f6\u4ecd\u4f1a\u52a8\u7528\u50a8\u5907\u91d1\u548c NIRC \u652f\u51fa\uff08[MOF \u8d22\u653f\u6982\u89c8](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002MAS \u89e3\u91ca\uff0c\u653f\u5e9c\u4ecd\u53d1\u884c**SGS \u503a\u5238\u548c\u56fd\u5e93\u5238\uff08T-bills\uff09**\uff0c\u4e3b\u8981\u662f\u4e3a\u4e86**\u5efa\u7acb\u6d41\u52a8\u7684\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf**\u3001\u6df1\u5316**\u4f01\u4e1a\u503a\u5238\u5e02\u573a**\uff0c\u5e76\u901a\u8fc7\u6d3b\u8dc3\u7684\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u652f\u6301**\u98ce\u9669\u7ba1\u7406**\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u662f**\u503a\u52a1\u5e02\u573a\u57fa\u7840\u8bbe\u65bd**\uff0c\u5e76\u975e\u4ee5\u5370\u949e\u6765\u5f25\u8865\u8fd0\u8425\u8d64\u5b57\u3002\n\n\u6b64\u5916\uff0c\u653f\u5e9c\u5411**CPF \u5c40**\u53d1\u884c**\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09**\uff0c\u4f7f\u4f1a\u5458\u4f59\u989d\u5728**\u653f\u5e9c\u62c5\u4fdd**\u4e0b\u83b7\u5f97\u627f\u8bfa\u7684\u5229\u606f\uff1bMOF \u8868\u793a\uff0c**\u6ca1\u6709 CPF \u6b3e\u9879\u7528\u4e8e\u653f\u5e9c\u5f00\u652f**\uff0c\u4e14\u6839\u636e\u300a\u653f\u5e9c\u8bc1\u5238\u6cd5\u300b\u6846\u67b6\uff0c**SGS \u548c SSGS \u7684\u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa**\u2014\u2014\u8fd9\u4e9b\u6b3e\u9879\u4e0e\u5176\u4ed6\u653f\u5e9c\u8d44\u91d1\u6df7\u5408\u5e76\u7528\u4e8e\u6295\u8d44\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002GIC \u7ba1\u7406\u8fd9\u4e9b\u6c47\u96c6\u7684\u8d44\u4ea7\uff0c\u5e76\u65e0\u9694\u79bb\u7684\u201c\u4ec5\u9650 CPF\u201d\u6295\u8d44\u6388\u6743\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\uff09\u3002\n\n## SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09\u3001\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u53ca\u7eff\u8272\u503a\u5238\n\nMAS \u5c06**SGS \u503a\u5238**\u5206\u4e3a\u4e0d\u540c\u7c7b\u522b\u3002\u8fd9\u4e9b\u7c7b\u522b\u5747\u7531**AAA \u7ea7\u4e3b\u6743\u4fe1\u7528**\u652f\u6301\uff0c\u4f46**\u9002\u7528\u6cd5\u89c4\u548c\u6240\u5f97\u6b3e\u9879\u7528\u9014**\u4e0d\u540c\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\uff1a\n\n| \u7c7b\u522b | \u6cd5\u5f8b\uff08\u636e MAS\uff09 | \u660e\u786e\u76ee\u7684 |\n| --- | --- | --- |\n| **SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09** | \u300a1992 \u5e74\u653f\u5e9c\u8bc1\u5238\uff08\u503a\u52a1\u5e02\u573a\u4e0e\u6295\u8d44\uff09\u6cd5\u300b | \u53d1\u5c55\u672c\u5730\u503a\u52a1\u5e02\u573a |\n| **SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | \u300a2021 \u5e74\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09 | \u4e3a\u5927\u578b\u957f\u671f\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n| **\u7eff\u8272 SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | SINGA\uff1b\u300a\u65b0\u52a0\u5761\u7eff\u8272\u503a\u5238\u6846\u67b6\u300b | \u4e3a\u5927\u578b\u957f\u671f**\u7eff\u8272**\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n\n**SGS \u503a\u5238**\u6bcf\u516d\u4e2a\u6708\u652f\u4ed8\u4e00\u6b21**\u56fa\u5b9a\u7968\u606f**\uff1bMAS \u5217\u51fa\u7684\u4e3b\u8981 SGS \u503a\u5238\u8ba1\u5212\u671f\u9650\u4e3a **2\u30015\u300110\u300115\u300120\u300130 \u548c 50 \u5e74**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u662f\u671f\u9650\u8f83\u77ed\u7684**\u8d34\u73b0\u8bc1\u5238**\uff08\u9762\u5411\u96f6\u552e\u6295\u8d44\u8005\u7684\u4ecb\u7ecd\u901a\u5e38\u5217\u51fa **\u516d\u4e2a\u6708\u6216\u4e00\u5e74**\uff09\uff0c\u4e0e\u503a\u5238\u4e00\u540c\u7528\u4e8e\u6784\u5efa\u6536\u76ca\u7387\u66f2\u7ebf\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002\n\n\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u548c\u7eff\u8272\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u662f**\u4e0e\u652f\u51fa\u6302\u94a9\u7684\u503a\u52a1**\uff0c\u6709\u5404\u81ea\u7684\u6cd5\u5b9a\u4e0a\u9650\u548c\u9879\u76ee\u8d44\u683c\u8981\u6c42\uff1b\u4e0d\u5f97\u5c06\u5176\u63cf\u8ff0\u6210\u4e0e\u4f20\u7edf\u7684**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u76f8\u540c\uff0c\u540e\u8005\u7684\u6240\u5f97\u6b3e\u9879\u6309 MOF \u7684\u8bf4\u6cd5\u5c5e\u4e8e**\u7528\u4e8e\u6295\u8d44\u3001\u4e0d\u5f97\u652f\u51fa\u7684**\u5e02\u573a\u53d1\u5c55\u8d44\u91d1\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\n\n## MAS \u7968\u636e\u3001\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\u4e0e\u96f6\u552e\u6295\u8d44\u8005\u6240\u89c1\n\n**MAS \u7968\u636e**\u662f**\u4e2d\u592e\u94f6\u884c**\u53d1\u884c\u7684\u8d34\u73b0\u8bc1\u5238\uff08MAS \u9762\u5411\u673a\u6784\u7684\u4ecb\u7ecd\u4e2d\u5217\u51fa\u4f8b\u5982 **4\u300112 \u6216 36 \u5468**\u671f\u9650\uff09\uff0c\u7528\u4e8e**\u8d27\u5e01\u5e02\u573a\u64cd\u4f5c**\uff0c\u4ee5\u7ba1\u7406**\u94f6\u884c\u4f53\u7cfb\u6d41\u52a8\u6027**\u5e76\u6269\u5927\u94f6\u884c\u7684**\u4f18\u8d28\u6d41\u52a8\u8d44\u4ea7**\u89c4\u6a21\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\u5b83\u4eec\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u6216**\u56fd\u5e93\u5238**\u5e76\u975e\u540c\u4e00\u79cd\u5de5\u5177\uff0c\u4f46\u90fd\u5c5e\u4e8e\u65b0\u52a0\u5761\u7684\u65b0\u5143\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\n\nMAS \u4e5f\u5c06**\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\uff08SSBs\uff09**\u4f5c\u4e3a\u4e00\u79cd**\u7531\u653f\u5e9c\u652f\u6301\u7684\u96f6\u552e\u50a8\u84c4\u4ea7\u54c1**\uff0c\u4e0e\u901a\u8fc7\u62cd\u5356\u53d1\u884c\u7684**SGS**\u548c**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u5e76\u5217\u4ecb\u7ecd\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002SSB \u7684\u5177\u4f53\u673a\u5236\uff08\u4e0a\u9650\u3001\u9012\u589e\u5229\u606f\u3001\u8d4e\u56de\u89c4\u5219\uff09\u4f1a\u968f MAS \u901a\u77e5\u800c\u53d8\u5316\uff1b\u56de\u7b54\u64cd\u4f5c\u6307\u5357\u95ee\u9898\u65f6\uff0c\u53ea\u5f15\u7528 MAS \u5f53\u524d\u7684 SSB \u9875\u9762\u3002\n\n## \u4e0e\u8d27\u5e01\u653f\u7b56\u3001\u50a8\u5907\u91d1\u548c CPF \u5229\u606f\u7684\u5173\u8054\n\nMOF \u6307\u51fa\uff0c**\u5b98\u65b9\u5916\u6c47\u50a8\u5907**\u8ba9 MAS \u80fd\u591f\u5728\u5176\u653f\u7b56\u533a\u95f4\u5185\u634d\u536b**\u65b0\u52a0\u5761\u5143**\uff0c\u4ece\u800c\u652f\u6301\u5b8f\u89c2\u7a33\u5b9a\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff09\u3002**\u653f\u5e9c\u8bc1\u5238\u8d1f\u503a**\uff08\u5305\u62ec **SSGS**\uff09\u4f1a\u8ba1\u5165**\u51c0\u6295\u8d44\u56de\u62a5\uff08NIR\uff09**\u7684**\u51c0\u8d44\u4ea7**\u8ba1\u7b97\u2014\u2014\u76f8\u5173\u8d44\u4ea7\u6309\u6263\u9664\u653f\u5e9c\u8d1f\u503a\u540e\u7684\u51c0\u989d\u8ba1\u7b97\uff08[MOF NIRC \u8d44\u6599](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002\n\n\u5bf9\u4e8e**CPF**\u5229\u7387\u653f\u7b56\uff0cMOF \u8868\u793a\uff0c**\u7279\u522b\u6237\u5934\u3001\u4fdd\u5065\u50a8\u84c4\u6237\u5934\u548c\u9000\u4f11\u6237\u5934**\u5229\u7387\u53c2\u8003**10 \u5e74\u671f SGS \u6536\u76ca\u7387**\uff08\u5e76\u8bbe\u6709\u6cd5\u5b9a\u4e0b\u9650\uff09\uff0c\u800c**\u666e\u901a\u6237\u5934**\u5219\u53c2\u8003**\u672c\u5730\u94f6\u884c\u5b58\u6b3e\u5229\u7387**\uff0c\u540c\u6837\u8bbe\u6709\u6700\u4f4e\u5229\u7387\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[\u5e74\u5ea6\u5229\u7387](\/zh\/knowledge\/dataset\/sgkb.data.annual-rates)\uff09\u3002\u8fd9\u9879\u6302\u94a9\u673a\u5236**\u4e0d\u7b49\u540c\u4e8e**GIC \u5728\u4efb\u4f55\u7279\u5b9a\u5e74\u4efd\u516c\u5e03\u7684\u957f\u671f\u56de\u62a5\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\n\n## \u5e38\u89c1\u68c0\u7d22\u9519\u8bef\n\n\u5e38\u89c1\u9519\u8bef\u5305\u62ec\u58f0\u79f0**SGS \u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u5404\u653f\u5e9c\u90e8\u95e8\u7684\u8fd0\u8425\u9884\u7b97**\uff0c\u628a**SINGA \u57fa\u7840\u8bbe\u65bd\u503a\u5238**\u5f53\u6210\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u5b8c\u5168\u76f8\u540c\uff0c\u6216\u56e0\u4e3a\u653f\u5e9c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u91d1\u662f\u6c47\u96c6\u7ba1\u7406\u7684\uff0c\u5c31\u58f0\u79f0**CPF \u672c\u91d1\u201c\u6295\u8d44\u4e86\u6de1\u9a6c\u9521\u201d**\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u53e6\u4e00\u4e2a\u9519\u8bef\u662f\u53ea\u770b\u5230\u603b\u503a\u52a1\u7edf\u8ba1\u4fbf\u63a8\u65ad**\u56fd\u5bb6\u8d44\u4e0d\u62b5\u503a**\uff0c\u5374\u5ffd\u7565\u65b0\u52a0\u5761**\u5f3a\u52b2\u7684\u51c0\u8d44\u4ea7\u72b6\u51b5**\u4ee5\u53ca SGS\/SSGS \u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa\u7684\u6846\u67b6\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u5173\u4e8e\u6c47\u7387\u653f\u7b56\uff0c\u8bf7\u53c2\u9605[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff1b\u5173\u4e8e\u8d22\u653f\u9884\u7b97\u6536\u5165\uff0c\u8bf7\u53c2\u9605[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1b\u5173\u4e8e\u94f6\u884c\u4e1a\u548c\u8d44\u672c\u5e02\u573a\u76d1\u7ba1\uff0c\u8bf7\u53c2\u9605[\u94f6\u884c\u4e1a\u4e0e\u91d1\u878d\u4e2d\u5fc3](\/zh\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub)\u548c[\u65b0\u52a0\u5761\u4ea4\u6613\u6240](\/zh\/knowledge\/article\/sgkb.economy-finance.singapore-exchange)\u3002"}},"title_en":"Government Securities and the Debt Market","title_zh":"\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a","source_id":"sgkb.economy-finance.government-securities-and-debt-market","input_hash":"4cc3159338feedb1dab4511637a1257e918c1702d303905567c792b371bc5007","summary_en":"Singapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.","summary_zh":"\u65b0\u52a0\u5761\u53d1\u884c\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u503a\u5238\uff08SGS\uff09\u3001\u56fd\u5e93\u5238\uff08T-bills\uff09\u3001\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09\u53ca\u76f8\u5173\u5de5\u5177\uff0c\u4e3b\u8981\u7528\u4e8e\u5efa\u7acb\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf\u5e76\u6ee1\u8db3\u516c\u79ef\u91d1\uff08CPF\uff09\u7684\u6295\u8d44\u9700\u6c42\uff1b\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\uff0c\u800c\u975e\u652f\u51fa\uff1b\u65b0\u52a0\u5761\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\uff08SINGA\uff09\u503a\u5238\u5219\u6839\u636e\u5355\u72ec\u7684\u4fdd\u969c\u63aa\u65bd\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44\u3002","bundle_sha256":"a40766305abc16909d8c0ebc8231c31596ff8547264a43ae958159f718ddfa5e","evidence_paths":["source\/economy-finance\/government-securities-and-debt-market.md","artefacts\/retrieval-chunks.jsonl","artefacts\/document-classification.jsonl"],"expected_version":0},"search_text":"Government Securities and the Debt Market\n\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a\nSingapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.\n\u65b0\u52a0\u5761\u53d1\u884c\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\u503a\u5238\uff08SGS\uff09\u3001\u56fd\u5e93\u5238\uff08T-bills\uff09\u3001\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09\u53ca\u76f8\u5173\u5de5\u5177\uff0c\u4e3b\u8981\u7528\u4e8e\u5efa\u7acb\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf\u5e76\u6ee1\u8db3\u516c\u79ef\u91d1\uff08CPF\uff09\u7684\u6295\u8d44\u9700\u6c42\uff1b\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\uff0c\u800c\u975e\u652f\u51fa\uff1b\u65b0\u52a0\u5761\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\uff08SINGA\uff09\u503a\u5238\u5219\u6839\u636e\u5355\u72ec\u7684\u4fdd\u969c\u63aa\u65bd\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44\u3002\n{\"aliases\":[\"SGS bonds\",\"SSGS\",\"Singapore government debt\",\"T-bills Singapore\",\"SINGA bonds\"],\"classification_confidence\":\"medium\",\"classification_source\":\"domain-default\",\"document_id\":\"sgkb.economy-finance.government-securities-and-debt-market\",\"document_sha256\":\"582bb92864c2e1f70d09274f708b5857d92391b6a0ea75123d98c7b3876652e7\",\"document_type\":\"article\",\"domain\":\"economy-finance\",\"entities\":[\"sg.agency.mas\",\"sg.agency.mof\"],\"facets\":[\"business\",\"institution\",\"policy\",\"procedure\"],\"geographic_scope\":[\"national\"],\"jurisdiction\":\"SG\",\"language\":\"en\",\"last_verified\":\"2026-10-14\",\"path\":\"economy-finance\\\/government-securities-and-debt-market.md\",\"related\":[],\"sources\":[{\"accessed\":\"2026-10-14\",\"title\":\"MOF \u2014 What are the reserves used for?\",\"url\":\"https:\\\/\\\/www.mof.gov.sg\\\/policies\\\/reserves\\\/what-are-the-reserves-used-for\\\/\"},{\"accessed\":\"2026-10-14\",\"title\":\"MAS \u2014 Understanding Singapore's bond market\",\"url\":\"https:\\\/\\\/www.mas.gov.sg\\\/bonds-and-bills\\\/understanding-singapores-bond-market\"},{\"accessed\":\"2026-10-14\",\"title\":\"MAS \u2014 SGS bonds information for individuals\",\"url\":\"https:\\\/\\\/www.mas.gov.sg\\\/bonds-and-bills\\\/singapore-government-bonds-information-for-individuals\"},{\"accessed\":\"2026-10-14\",\"title\":\"MAS \u2014 MAS Bills information for institutions\",\"url\":\"https:\\\/\\\/www.mas.gov.sg\\\/bonds-and-bills\\\/mas-bills-information-for-institutions\"}],\"status\":\"verified\",\"summary\":\"Singapore issues SGS bonds, T-bills, SSGS and related instruments mainly to build a benchmark yield curve and meet CPF investment needs; proceeds are invested, not spent, while SINGA infrastructure bonds finance qualifying long-term projects under separate safeguards.\",\"tags\":[\"public-finance\",\"finance-sector\",\"policy\",\"concept\"],\"temporal_scope\":\"current\",\"title\":\"Government Securities and the Debt Market\",\"topics\":[\"sgtopic.economy\",\"sgtopic.economy.banking-fintech\",\"sgtopic.economy.fiscal-policy\",\"sgtopic.economy.government-securities\"],\"volatility\":\"slow\"}\n# Government Securities and the Debt Market\n\n**Singapore Government Securities (SGS)** and related instruments are how the Republic issues **Singapore-dollar debt** on behalf of the Government, with the **Monetary Authority of Singapore (MAS)** acting as fiscal agent for most issuances ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). The system serves **two different purposes** that retrieval often conflates: **market-development and CPF-linked borrowings whose proceeds are invested and cannot fund day-to-day spending**, and **infrastructure borrowings under the Significant Infrastructure Government Loan Act (SINGA)** that finance qualifying long-term projects ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). Fiscal framing and NIRC sit in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); CPF's SSGS link sits in [cpf overview](\/en\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview) and [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek).\n\n## Why Singapore issues government debt despite fiscal prudence\n\nMOF describes Singapore as running **balanced budgets over the long term** and often recording surpluses, while still using reserves and NIRC for spending ([MOF fiscal overview](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)). MAS explains that the Government nonetheless issues **SGS bonds and Treasury bills (T-bills)** primarily to **build a liquid benchmark yield curve**, deepen the **corporate bond market**, and support **risk management** through active secondary trading ([MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)). That is **debt-market infrastructure**, not a substitute for printing money to cover operating deficits.\n\nSeparately, **Special Singapore Government Securities (SSGS)** are issued to the **CPF Board** so members' balances earn the promised interest with a **government guarantee**; MOF states that **no CPF monies go toward government spending** and that proceeds from **SGS and SSGS cannot be spent** under the **Government Securities Act** framework \u2014 they are commingled with other government funds and invested ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). GIC manages the pooled assets without a segregated \"CPF-only\" mandate ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [gic and temasek](\/en\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)).\n\n## SGS (Market Development), infrastructure bonds, and green variants\n\nMAS groups **SGS bonds** into categories that share **AAA sovereign backing** but differ in **statute and use of proceeds** ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)):\n\n| Category | Legislation (per MAS) | Stated objective |\n| --- | --- | --- |\n| **SGS (Market Development)** | Government Securities (Debt Market and Investment) Act 1992 | Develop the domestic debt market |\n| **SGS (Infrastructure)** | Significant Infrastructure Government Loan Act 2021 (SINGA) | Finance major, long-term infrastructure |\n| **Green SGS (Infrastructure)** | SINGA; Singapore Green Bond Framework | Finance major long-term **green** infrastructure |\n\n**SGS bonds** pay a **fixed coupon every six months**; MAS lists tenors of **2, 5, 10, 15, 20, 30 and 50 years** for the main SGS bond programme ([MAS SGS bonds for individuals, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)). **T-bills** are shorter **discount securities** (typically **six months or one year** in the retail-facing description) used alongside bonds in the yield-curve project ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)).\n\nInfrastructure and green infrastructure bonds are **spending-linked debt** with their own legislative caps and project eligibility; they must not be described as identical to classic **SGS (Market Development)** paper whose proceeds MOF treats as **invested, non-spendable** market-development funding ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [MAS bond market overview, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)).\n\n## MAS Bills, Singapore Savings Bonds, and what retail investors see\n\n**MAS Bills** are **central-bank** discount securities (for example **4-, 12- or 36-week** maturities in MAS's institutional description) used in **money-market operations** to manage **banking-system liquidity** and to expand the pool of **high-quality liquid assets** for banks ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)). They are **not** the same instrument as **SGS (Market Development)** bonds or **Treasury bills**, though all sit in Singapore's SGD fixed-income ecosystem ([MAS MAS Bills page, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)).\n\nMAS also promotes **Singapore Savings Bonds (SSBs)** as a **retail, government-backed** savings product alongside auctioned **SGS** and **T-bills** ([MAS bonds and bills hub, accessed Oct 2026](https:\/\/www.mas.gov.sg\/bonds-and-bills)). SSB mechanics (caps, step-up interest, redemption rules) change with MAS notices; quote only from the current MAS SSB pages when answering operational how-to questions.\n\n## Links to monetary policy, reserves, and CPF interest\n\nMOF notes that **official foreign reserves** let MAS defend the **Singapore dollar** within its policy band, supporting macro stability ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)). **Government securities liabilities** (including **SSGS**) enter the **net-assets** calculation for **Net Investment Returns (NIR)** \u2014 relevant assets are **net of Government liabilities** ([MOF NIRC materials](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/), cited in [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)).\n\nFor **CPF** interest policy, MOF states that **Special, MediSave and Retirement Account** rates reference **10-year SGS yields** (with a legislated floor), while the **Ordinary Account** references **local bank deposit rates** with a minimum ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/); [annual rates](\/en\/knowledge\/dataset\/sgkb.data.annual-rates)). That peg is **not** the same as GIC's reported long-term return in any given year ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)).\n\n## Common retrieval mistakes\n\nErrors include saying **SGS proceeds fund ministries' operating budgets**, treating **SINGA infrastructure bonds** as identical to **SGS (Market Development)**, or claiming **CPF principal was \"invested in Temasek\"** because the Government balance sheet is pooled ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). Another mistake is inferring **national insolvency** from gross debt statistics without recognising Singapore's **strong net asset position** and non-spendable SGS\/SSGS proceeds framework ([MOF reserves uses page, updated Mar 2026](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)). For exchange-rate policy use [mas and monetary policy](\/en\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy); for Budget revenue use [fiscal policy and government budget](\/en\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget); for bank and capital-markets regulation use [banking and financial hub](\/en\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub) and [singapore exchange](\/en\/knowledge\/article\/sgkb.economy-finance.singapore-exchange).\n# \u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a\n\n**\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SGS\uff09**\u53ca\u76f8\u5173\u5de5\u5177\u662f\u5171\u548c\u56fd\u4ee3\u8868\u653f\u5e9c\u53d1\u884c**\u65b0\u52a0\u5761\u5143\u503a\u52a1**\u7684\u65b9\u5f0f\uff0c\u5927\u591a\u6570\u53d1\u884c\u7531**\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09**\u62c5\u4efb\u8d22\u653f\u4ee3\u7406\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u5957\u5236\u5ea6\u6709**\u4e24\u4e2a\u4e0d\u540c\u76ee\u7684**\uff0c\u68c0\u7d22\u65f6\u5e38\u4f1a\u5c06\u5176\u6df7\u4e3a\u4e00\u8c08\uff1a**\u7528\u4e8e\u53d1\u5c55\u5e02\u573a\u53ca\u4e0e CPF \u76f8\u5173\u7684\u501f\u6b3e\uff0c\u5176\u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u6295\u8d44\u4e14\u4e0d\u5f97\u7528\u4e8e\u65e5\u5e38\u5f00\u652f**\uff1b\u4ee5\u53ca\u6839\u636e\u300a\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09\u8fdb\u884c\u7684**\u57fa\u7840\u8bbe\u65bd\u501f\u6b3e\uff0c\u4e3a\u7b26\u5408\u6761\u4ef6\u7684\u957f\u671f\u9879\u76ee\u878d\u8d44**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002\u8d22\u653f\u6846\u67b6\u548c NIRC \u89c1[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1bCPF \u4e0e SSGS \u7684\u5173\u8054\u89c1[CPF \u6982\u89c8](\/zh\/knowledge\/article\/sgkb.cpf-social-security.cpf-overview)\u548c[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\u3002\n\n## \u5c3d\u7ba1\u8d22\u653f\u5ba1\u614e\uff0c\u65b0\u52a0\u5761\u4e3a\u4f55\u4ecd\u53d1\u884c\u653f\u5e9c\u503a\u52a1\n\n\u8d22\u653f\u90e8\uff08MOF\uff09\u79f0\uff0c\u65b0\u52a0\u5761\u957f\u671f\u4fdd\u6301**\u9884\u7b97\u5e73\u8861**\uff0c\u5e76\u7ecf\u5e38\u5f55\u5f97\u76c8\u4f59\uff0c\u540c\u65f6\u4ecd\u4f1a\u52a8\u7528\u50a8\u5907\u91d1\u548c NIRC \u652f\u51fa\uff08[MOF \u8d22\u653f\u6982\u89c8](https:\/\/www.mof.gov.sg\/policies\/fiscal\/overview\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002MAS \u89e3\u91ca\uff0c\u653f\u5e9c\u4ecd\u53d1\u884c**SGS \u503a\u5238\u548c\u56fd\u5e93\u5238\uff08T-bills\uff09**\uff0c\u4e3b\u8981\u662f\u4e3a\u4e86**\u5efa\u7acb\u6d41\u52a8\u7684\u57fa\u51c6\u6536\u76ca\u7387\u66f2\u7ebf**\u3001\u6df1\u5316**\u4f01\u4e1a\u503a\u5238\u5e02\u573a**\uff0c\u5e76\u901a\u8fc7\u6d3b\u8dc3\u7684\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u652f\u6301**\u98ce\u9669\u7ba1\u7406**\uff08[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\u8fd9\u662f**\u503a\u52a1\u5e02\u573a\u57fa\u7840\u8bbe\u65bd**\uff0c\u5e76\u975e\u4ee5\u5370\u949e\u6765\u5f25\u8865\u8fd0\u8425\u8d64\u5b57\u3002\n\n\u6b64\u5916\uff0c\u653f\u5e9c\u5411**CPF \u5c40**\u53d1\u884c**\u7279\u522b\u65b0\u52a0\u5761\u653f\u5e9c\u8bc1\u5238\uff08SSGS\uff09**\uff0c\u4f7f\u4f1a\u5458\u4f59\u989d\u5728**\u653f\u5e9c\u62c5\u4fdd**\u4e0b\u83b7\u5f97\u627f\u8bfa\u7684\u5229\u606f\uff1bMOF \u8868\u793a\uff0c**\u6ca1\u6709 CPF \u6b3e\u9879\u7528\u4e8e\u653f\u5e9c\u5f00\u652f**\uff0c\u4e14\u6839\u636e\u300a\u653f\u5e9c\u8bc1\u5238\u6cd5\u300b\u6846\u67b6\uff0c**SGS \u548c SSGS \u7684\u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa**\u2014\u2014\u8fd9\u4e9b\u6b3e\u9879\u4e0e\u5176\u4ed6\u653f\u5e9c\u8d44\u91d1\u6df7\u5408\u5e76\u7528\u4e8e\u6295\u8d44\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002GIC \u7ba1\u7406\u8fd9\u4e9b\u6c47\u96c6\u7684\u8d44\u4ea7\uff0c\u5e76\u65e0\u9694\u79bb\u7684\u201c\u4ec5\u9650 CPF\u201d\u6295\u8d44\u6388\u6743\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[GIC \u4e0e\u6de1\u9a6c\u9521](\/zh\/knowledge\/article\/sgkb.economy-finance.gic-and-temasek)\uff09\u3002\n\n## SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09\u3001\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u53ca\u7eff\u8272\u503a\u5238\n\nMAS \u5c06**SGS \u503a\u5238**\u5206\u4e3a\u4e0d\u540c\u7c7b\u522b\u3002\u8fd9\u4e9b\u7c7b\u522b\u5747\u7531**AAA \u7ea7\u4e3b\u6743\u4fe1\u7528**\u652f\u6301\uff0c\u4f46**\u9002\u7528\u6cd5\u89c4\u548c\u6240\u5f97\u6b3e\u9879\u7528\u9014**\u4e0d\u540c\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\uff1a\n\n| \u7c7b\u522b | \u6cd5\u5f8b\uff08\u636e MAS\uff09 | \u660e\u786e\u76ee\u7684 |\n| --- | --- | --- |\n| **SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09** | \u300a1992 \u5e74\u653f\u5e9c\u8bc1\u5238\uff08\u503a\u52a1\u5e02\u573a\u4e0e\u6295\u8d44\uff09\u6cd5\u300b | \u53d1\u5c55\u672c\u5730\u503a\u52a1\u5e02\u573a |\n| **SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | \u300a2021 \u5e74\u91cd\u5927\u57fa\u7840\u8bbe\u65bd\u653f\u5e9c\u8d37\u6b3e\u6cd5\u300b\uff08SINGA\uff09 | \u4e3a\u5927\u578b\u957f\u671f\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n| **\u7eff\u8272 SGS\uff08\u57fa\u7840\u8bbe\u65bd\uff09** | SINGA\uff1b\u300a\u65b0\u52a0\u5761\u7eff\u8272\u503a\u5238\u6846\u67b6\u300b | \u4e3a\u5927\u578b\u957f\u671f**\u7eff\u8272**\u57fa\u7840\u8bbe\u65bd\u878d\u8d44 |\n\n**SGS \u503a\u5238**\u6bcf\u516d\u4e2a\u6708\u652f\u4ed8\u4e00\u6b21**\u56fa\u5b9a\u7968\u606f**\uff1bMAS \u5217\u51fa\u7684\u4e3b\u8981 SGS \u503a\u5238\u8ba1\u5212\u671f\u9650\u4e3a **2\u30015\u300110\u300115\u300120\u300130 \u548c 50 \u5e74**\uff08[MAS \u9762\u5411\u4e2a\u4eba\u7684 SGS \u503a\u5238\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/singapore-government-bonds-information-for-individuals)\uff09\u3002**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u662f\u671f\u9650\u8f83\u77ed\u7684**\u8d34\u73b0\u8bc1\u5238**\uff08\u9762\u5411\u96f6\u552e\u6295\u8d44\u8005\u7684\u4ecb\u7ecd\u901a\u5e38\u5217\u51fa **\u516d\u4e2a\u6708\u6216\u4e00\u5e74**\uff09\uff0c\u4e0e\u503a\u5238\u4e00\u540c\u7528\u4e8e\u6784\u5efa\u6536\u76ca\u7387\u66f2\u7ebf\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002\n\n\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u548c\u7eff\u8272\u57fa\u7840\u8bbe\u65bd\u503a\u5238\u662f**\u4e0e\u652f\u51fa\u6302\u94a9\u7684\u503a\u52a1**\uff0c\u6709\u5404\u81ea\u7684\u6cd5\u5b9a\u4e0a\u9650\u548c\u9879\u76ee\u8d44\u683c\u8981\u6c42\uff1b\u4e0d\u5f97\u5c06\u5176\u63cf\u8ff0\u6210\u4e0e\u4f20\u7edf\u7684**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u76f8\u540c\uff0c\u540e\u8005\u7684\u6240\u5f97\u6b3e\u9879\u6309 MOF \u7684\u8bf4\u6cd5\u5c5e\u4e8e**\u7528\u4e8e\u6295\u8d44\u3001\u4e0d\u5f97\u652f\u51fa\u7684**\u5e02\u573a\u53d1\u5c55\u8d44\u91d1\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u503a\u5238\u5e02\u573a\u6982\u89c8\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/understanding-singapores-bond-market)\uff09\u3002\n\n## MAS \u7968\u636e\u3001\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\u4e0e\u96f6\u552e\u6295\u8d44\u8005\u6240\u89c1\n\n**MAS \u7968\u636e**\u662f**\u4e2d\u592e\u94f6\u884c**\u53d1\u884c\u7684\u8d34\u73b0\u8bc1\u5238\uff08MAS \u9762\u5411\u673a\u6784\u7684\u4ecb\u7ecd\u4e2d\u5217\u51fa\u4f8b\u5982 **4\u300112 \u6216 36 \u5468**\u671f\u9650\uff09\uff0c\u7528\u4e8e**\u8d27\u5e01\u5e02\u573a\u64cd\u4f5c**\uff0c\u4ee5\u7ba1\u7406**\u94f6\u884c\u4f53\u7cfb\u6d41\u52a8\u6027**\u5e76\u6269\u5927\u94f6\u884c\u7684**\u4f18\u8d28\u6d41\u52a8\u8d44\u4ea7**\u89c4\u6a21\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\u5b83\u4eec\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u503a\u5238\u6216**\u56fd\u5e93\u5238**\u5e76\u975e\u540c\u4e00\u79cd\u5de5\u5177\uff0c\u4f46\u90fd\u5c5e\u4e8e\u65b0\u52a0\u5761\u7684\u65b0\u5143\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\uff08[MAS MAS \u7968\u636e\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills\/mas-bills-information-for-institutions)\uff09\u3002\n\nMAS \u4e5f\u5c06**\u65b0\u52a0\u5761\u50a8\u84c4\u503a\u5238\uff08SSBs\uff09**\u4f5c\u4e3a\u4e00\u79cd**\u7531\u653f\u5e9c\u652f\u6301\u7684\u96f6\u552e\u50a8\u84c4\u4ea7\u54c1**\uff0c\u4e0e\u901a\u8fc7\u62cd\u5356\u53d1\u884c\u7684**SGS**\u548c**\u56fd\u5e93\u5238\uff08T-bills\uff09**\u5e76\u5217\u4ecb\u7ecd\uff08[MAS \u503a\u5238\u4e0e\u56fd\u5e93\u5238\u4e2d\u5fc3\u9875\u9762\uff0c\u67e5\u9605\u4e8e 2026 \u5e74\u5341\u6708](https:\/\/www.mas.gov.sg\/bonds-and-bills)\uff09\u3002SSB \u7684\u5177\u4f53\u673a\u5236\uff08\u4e0a\u9650\u3001\u9012\u589e\u5229\u606f\u3001\u8d4e\u56de\u89c4\u5219\uff09\u4f1a\u968f MAS \u901a\u77e5\u800c\u53d8\u5316\uff1b\u56de\u7b54\u64cd\u4f5c\u6307\u5357\u95ee\u9898\u65f6\uff0c\u53ea\u5f15\u7528 MAS \u5f53\u524d\u7684 SSB \u9875\u9762\u3002\n\n## \u4e0e\u8d27\u5e01\u653f\u7b56\u3001\u50a8\u5907\u91d1\u548c CPF \u5229\u606f\u7684\u5173\u8054\n\nMOF \u6307\u51fa\uff0c**\u5b98\u65b9\u5916\u6c47\u50a8\u5907**\u8ba9 MAS \u80fd\u591f\u5728\u5176\u653f\u7b56\u533a\u95f4\u5185\u634d\u536b**\u65b0\u52a0\u5761\u5143**\uff0c\u4ece\u800c\u652f\u6301\u5b8f\u89c2\u7a33\u5b9a\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff09\u3002**\u653f\u5e9c\u8bc1\u5238\u8d1f\u503a**\uff08\u5305\u62ec **SSGS**\uff09\u4f1a\u8ba1\u5165**\u51c0\u6295\u8d44\u56de\u62a5\uff08NIR\uff09**\u7684**\u51c0\u8d44\u4ea7**\u8ba1\u7b97\u2014\u2014\u76f8\u5173\u8d44\u4ea7\u6309\u6263\u9664\u653f\u5e9c\u8d1f\u503a\u540e\u7684\u51c0\u989d\u8ba1\u7b97\uff08[MOF NIRC \u8d44\u6599](https:\/\/www.mof.gov.sg\/policies\/reserves\/net-investment-returns-contribution\/)\uff0c\u5f15\u81ea[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff09\u3002\n\n\u5bf9\u4e8e**CPF**\u5229\u7387\u653f\u7b56\uff0cMOF \u8868\u793a\uff0c**\u7279\u522b\u6237\u5934\u3001\u4fdd\u5065\u50a8\u84c4\u6237\u5934\u548c\u9000\u4f11\u6237\u5934**\u5229\u7387\u53c2\u8003**10 \u5e74\u671f SGS \u6536\u76ca\u7387**\uff08\u5e76\u8bbe\u6709\u6cd5\u5b9a\u4e0b\u9650\uff09\uff0c\u800c**\u666e\u901a\u6237\u5934**\u5219\u53c2\u8003**\u672c\u5730\u94f6\u884c\u5b58\u6b3e\u5229\u7387**\uff0c\u540c\u6837\u8bbe\u6709\u6700\u4f4e\u5229\u7387\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff1b[\u5e74\u5ea6\u5229\u7387](\/zh\/knowledge\/dataset\/sgkb.data.annual-rates)\uff09\u3002\u8fd9\u9879\u6302\u94a9\u673a\u5236**\u4e0d\u7b49\u540c\u4e8e**GIC \u5728\u4efb\u4f55\u7279\u5b9a\u5e74\u4efd\u516c\u5e03\u7684\u957f\u671f\u56de\u62a5\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\n\n## \u5e38\u89c1\u68c0\u7d22\u9519\u8bef\n\n\u5e38\u89c1\u9519\u8bef\u5305\u62ec\u58f0\u79f0**SGS \u6240\u5f97\u6b3e\u9879\u7528\u4e8e\u5404\u653f\u5e9c\u90e8\u95e8\u7684\u8fd0\u8425\u9884\u7b97**\uff0c\u628a**SINGA \u57fa\u7840\u8bbe\u65bd\u503a\u5238**\u5f53\u6210\u4e0e**SGS\uff08\u5e02\u573a\u53d1\u5c55\uff09**\u5b8c\u5168\u76f8\u540c\uff0c\u6216\u56e0\u4e3a\u653f\u5e9c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u91d1\u662f\u6c47\u96c6\u7ba1\u7406\u7684\uff0c\u5c31\u58f0\u79f0**CPF \u672c\u91d1\u201c\u6295\u8d44\u4e86\u6de1\u9a6c\u9521\u201d**\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u53e6\u4e00\u4e2a\u9519\u8bef\u662f\u53ea\u770b\u5230\u603b\u503a\u52a1\u7edf\u8ba1\u4fbf\u63a8\u65ad**\u56fd\u5bb6\u8d44\u4e0d\u62b5\u503a**\uff0c\u5374\u5ffd\u7565\u65b0\u52a0\u5761**\u5f3a\u52b2\u7684\u51c0\u8d44\u4ea7\u72b6\u51b5**\u4ee5\u53ca SGS\/SSGS \u6240\u5f97\u6b3e\u9879\u4e0d\u5f97\u652f\u51fa\u7684\u6846\u67b6\uff08[MOF \u50a8\u5907\u91d1\u7528\u9014\u9875\u9762\uff0c2026 \u5e74\u4e09\u6708\u66f4\u65b0](https:\/\/www.mof.gov.sg\/policies\/reserves\/what-are-the-reserves-used-for\/)\uff09\u3002\u5173\u4e8e\u6c47\u7387\u653f\u7b56\uff0c\u8bf7\u53c2\u9605[MAS \u4e0e\u8d27\u5e01\u653f\u7b56](\/zh\/knowledge\/article\/sgkb.economy-finance.mas-and-monetary-policy)\uff1b\u5173\u4e8e\u8d22\u653f\u9884\u7b97\u6536\u5165\uff0c\u8bf7\u53c2\u9605[\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97](\/zh\/knowledge\/article\/sgkb.economy-finance.fiscal-policy-and-government-budget)\uff1b\u5173\u4e8e\u94f6\u884c\u4e1a\u548c\u8d44\u672c\u5e02\u573a\u76d1\u7ba1\uff0c\u8bf7\u53c2\u9605[\u94f6\u884c\u4e1a\u4e0e\u91d1\u878d\u4e2d\u5fc3](\/zh\/knowledge\/article\/sgkb.economy-finance.banking-and-financial-hub)\u548c[\u65b0\u52a0\u5761\u4ea4\u6613\u6240](\/zh\/knowledge\/article\/sgkb.economy-finance.singapore-exchange)\u3002"},"related":[{"id":11190,"source_id":"sg.agency.mof","kind":"entity","title_en":"Ministry of Finance","title_zh":"\u8d22\u653f\u90e8"},{"id":11180,"source_id":"sg.agency.mas","kind":"entity","title_en":"Monetary Authority of Singapore","title_zh":"\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40"},{"id":14262,"source_id":"sgtopic.economy.banking-fintech","kind":"topic","title_en":"Banking, finance and fintech","title_zh":"\u94f6\u884c\u3001\u91d1\u878d\u4e0e\u91d1\u878d\u79d1\u6280"},{"id":14268,"source_id":"sgtopic.economy","kind":"topic","title_en":"Economy and finance","title_zh":"\u7ecf\u6d4e\u4e0e\u91d1\u878d"},{"id":14265,"source_id":"sgtopic.economy.fiscal-policy","kind":"topic","title_en":"Fiscal policy and government budget","title_zh":"\u8d22\u653f\u653f\u7b56\u4e0e\u653f\u5e9c\u9884\u7b97"},{"id":14266,"source_id":"sgtopic.economy.government-securities","kind":"topic","title_en":"Government securities and debt market","title_zh":"\u653f\u5e9c\u8bc1\u5238\u4e0e\u503a\u52a1\u5e02\u573a"}]}