The sub - committee also noted that , in offering a direct exchange facility , the hkma might be seen to be competing with banks for retail currency exchange business , particularly as the convertibility rate for banks clearing balances approached 7 . 80 . 3 委员会又获悉，设立直接兑换机制后，金管局可能会被视为与银行竞争零售汇兑业务，特别在银行结算馀额的兑换保证汇率接近7 . 80时，这种情况更为明显。
In a monetary system in which the central bank pays a fixed rate of interest on the clearing balance of the banks , the sensitivity will be relatively low compared with a monetary system in which no interest is paid by the central bank on the clearing balance 而定。假设两种安排，一是央行就银行的结算结馀支付固定息率，另一是央行不会就结算结馀计息，相比之下前者涉及货币状况对结算结馀改变的敏感度会较低。
As rmb , in the form of the clearing balance of the banking system , a component of reserve money , is created in the process , sterilisation of the monetary consequences , when the money market has not yet attained a high degree of sophistication , is quite a challenge 的形式被制造。由于内地货币市场成熟程度未算太高，要冲销央行交易所造成的货币影响显然不是易事。对一向有注视内地货币及银行体系发展的朋友来说，这确实是个有趣的课题。
The crucial element of the monetary base - the clearing balance of the banking system - was indirectly managed , through influencing its size or its price interbank interest rates , to help achieve the monetary policy objective of exchange rate stability , with notable success 作为货币基础的一个关键项目，银行体系的结算馀额是被间接管理的，具体上是透过影响结算馀额的多少或价格即银行同业拆息来帮助达致维持汇率稳定的货币政策目标。
There is therefore a corresponding increase in both the assets and liabilities of the central bank . the increase in the clearing balance of the banking system maintained with the central bank will have monetary consequences , typically lower interbank interest rates and greater availability of interbank liquidity 简单来说，此举会令央行的资产及负债均相应增加，而当银行体系在央行的结算户口的结馀有所增加时，货币状况是会受到影响的。
And for those with academic , pecuniary or other interests in the subject , they may wish to note that there is no limit on our ability to create hong kong dollar base money , or more precisely the clearing balance of the banking system , as long as there is a continuous inflow of funds 有兴趣从学术财务或其他层面讨论这个课题的人士也许应了解，只要一直有资金流入，理论上金管局就可以无限量地创造港元基础货币，或更准确地说，是银行体系结算馀额。
Specifically , when there is a decrease in the demand for hong kong dollars , and the exchange rate weakens to the convertibility rate of hk $ 7 . 80 per us dollar , the hkma stands ready to purchase hong kong dollars from banks ( provided they have sufficient clearing balances to settle the transactions ) 具体上，当港元的需求减少，令汇率转弱至7 . 80港元兑1美元的兑换保证汇率时，银行可向金管局沽售港元（条件是它们要有足够的结算馀额以结算有关交易） 。
What influences the market exchange rate of the hong kong dollar is , of course , the interbank interest rates , particularly those for short term hong kong dollar interbank liquidity , in the form of the clearing balances held by licensed banks in their clearing accounts maintained with the exchange fund 影响港元汇率的当然就是本港的银行同业拆息，尤其是短期拆息，而这些拆息是受到持牌银行在外汇基金的结算户口所持的总结馀即所有结算户口合计的总额所影响。
While there is the well known , formal convertibility undertaking for us to sell us dollars against the hong kong dollar clearing balances of licensed banks at the fixed exchange rate of 7 . 80 , there is no formal convertibility undertaking on the strong side of the link to buy us dollars 因为众所周知，在兑换保证下，金管局可按7 . 80的固定汇率沽出美元，以买入持牌银行的港元结馀，但在港元汇价强于7 . 80联系汇率时，却没有正式的兑换保证，让金管局可据此买入美元。
