The economic prospects in various jurisdictions may differ to such an extent as to justify a significant interest rate differential , premium or discount , without the counteracting flows of funds through the foreign exchange market 不同地区的经济前景存在的差异，可能会引致两地有明显的息差，以致外汇市场出现相应的资金流动。
Thus we continue to wait for the interest rate differential against the holding of hong kong dollars to generate , in the fullness of time , the outflow necessary for the aggregate balance to be reduced back to a more normal level 在此情况下，我们会继续等待持有港元的息差的代价逐渐发挥作用，令资金自然流走，使总结馀回落至较正常的水平。
The amount of liquidity in the interbank market , as measured by the aggregate balance , has been coming down as the interest rate differential between the hong kong dollar and the us dollar gradually reversed the earlier inflows of funds 由于港元与美元的息差逐步扭转较早前有资金流入的情况，因此以总结馀来衡量的银行同业流动资金额一直回落。
The unusually large interest rate differentials between the us dollar and the two other major currencies the euro and yen have been acting as a counterweight , supporting the us dollar in the foreign exchange market 这种形势构成一股很大的力量，影响市场气氛。美元与其他两种主要货币欧元及日圆之间罕见的大幅息差在外汇市场发挥了平衡的作用，为美元提供支持。
We have the powers to introduce charges on large balances maintained by banks in their clearing accounts held with us , so that the interest rate differential between holding hong kong dollars and holding us dollars becomes a lot higher than the current one per cent 如有需要，我们是可以开徵银行结算户口大额结馀的收费，使持有港元与美元之间的息差大幅度高出目前的
In particular , the study on renminbi derivatives markets finds that , in the onshore market , forward pricing has been increasingly driven by financial fundamentals such as the interest rate differential between the renminbi and us dollar denominated assets 其中我们对人民币衍生工具市场的研究结果显示，人民币境内远期市场定价愈来愈受人民币与美元资产的利息差距这些基本金融因素所影响。
It can be at a premium or a discount . the price of the swap bears a fairly mechanical relationship to the interest rate differential between the two currencies , although the money raised through the swap is not necessarily held as deposits earning interest 虽然人们以掉期交易换入另一种货币后，不一定会把这笔钱存入银行赚取利息，但其实掉期价与该两种货币之间的息差是存在某种惯性的关系。
Nevertheless , the structure of our monetary system is such that , within the constraint of exchange rate stability defined by the convertibility undertakings , there is some scope for influencing the size of the interest rate differential between the hong kong dollar and the us dollar 然而，在本港的货币体制下，尽管兑换保证已限定了汇率须保持在固定水平，我们仍有一些空间可以影响港美息差的幅度。
The large global imbalance continues to exist and exchange rates are at their current levels mostly because of the large interest rate differentials between currencies , a notable example being that of around five percentage points between the us dollar and the japanese yen 现时全球国际收支严重不平衡的情况持续，各种货币汇率目前的水平主要以显著的息差作为支持，其中最突出的莫过于美元与日圆之间约为5个百分点的息差。
