Although the people s bank of china has been issuing quite a lot of short-term paper to " sterilise " the capital inflow, in other words to try to slow down the increase in the aggregate balance, or prevent it from increasing, the banks must have still found themselves holding increasing amounts of money in their clearing accounts with the people s bank, to the extent of being able to accommodate rapid increases in loan demand 就此，中国人民银行人行发行了不少短期票据，以冲销流入的资金，亦即是说尝试阻止总结馀继续增加或减慢其增加速度。然而，银行在人行的结算户口的结馀仍在不断上升，足以让银行应付急速增长的贷款需求。
But obviously when there are prospects that these assets are being exhausted i have no idea though whether this is the case, or when other considerations preclude pursuing this to the full extent, the alternative is to create a different form of central bank liability to sterilise the clearing balance 当然，如果这些央行资产将近出现不敷应用实际情况是否如此不得而知，或基于其他考虑不得全面采用这个办法，央行可透过创造另一种央行负债的形式来冲销增加了的结算结馀。我相信这至少是人行上月决定固定发行央行票据的部分原因。
Non-sterilised foreign exchange market intervention involves the hkma buying or selling us dollars and, in settlement, injecting or withdrawing the corresponding hong kong dollar amounts into or from the aggregate balance . capital inflow has, therefore, led to our interest rates falling quickly and the appearance of a substantial discount on our interest rates below those for the us dollar 在这个制度下，我们必须按接近联系汇率的汇率水平来进行不冲销的外汇买卖，即金管局买入或沽出美元，并于交收时对总结馀注入或从总结馀提取相应的港元款额。
