1 . the sub - committee noted that during the period under review the market exchange rate for the hong kong dollar had eased from 7 . 7680 to 7 . 7707 , in line with the movement of the convertibility rate in respect of the aggregate balance 1 .货币发行委员会委员会获悉，在报告期内，港元市场汇率由7 . 7680下降至7 . 7707 ，与总结馀兑换保证适用汇率的调整步伐大致相同。
The sub - committee noted that during the period under review the market exchange rate for the hong kong dollar had eased from 7 . 7620 to 7 . 7641 , which broadly matched the movement of the convertibility rate in respect of the aggregate balance 货币发行委员会委员会获悉在报告期内港元市场汇率由7 . 7620下降至7 . 7641 ，与总结馀兑换保证的适用汇率的调整步伐大致相同。
The sub - committee noted that the hong kong dollar had continued to be stable during the reporting period , and that the difference between the market rate of the dollar and the linked rate had narrowed further since the reporting period 货币发行委员会委员会获悉，报告期内港元保持稳定。自报告期起，美元市场汇率与联系汇率的差距进一步收窄。在禽流感引起的忧虑影响下，
And , in answer to the many dramatic statements made over the past couple of weeks or so , our somewhat relaxed attitude towards small deviations in the exchange rate on the strong side of 7 . 80 does not mean that we are any less committed to maintaining the link 同时，回应过去几个星期许多引人注目的言论，我要指出金管局对港元市场汇率略为强于7 . 80泰然处之，并不表示我们维持联汇制度的决心有丝毫动摇。
Such arbitrage opportunities , however , would not close the gap between the market exchange rate and the linked rate of 7 . 80 , since the hkma would stand ready to convert the aggregate balance at a rate stronger than 7 . 80 until the convertibility rate converged to 7 . 80 尽管如此，但由于在兑换汇率尚未统一前金管局都会以较7 . 80为强的汇率兑换总结馀，因此上述套戥活动不会令市场汇率和联系汇率之间的差距消失。
Conversely , if the demand for hong kong dollars increases and the market exchange rate strengthens , the hkma may sell hong kong dollars to banks for us dollars . the aggregate balance will then increase , placing downward pressure on hong kong dollar interest rates to restrain inflows 相反，如果港元的需求增加，引致市场汇率转强，金管局可向银行沽出港元、买入美元，令总结馀扩张，对港元利率构成下调压力，遏止资金流入。
With the market exchange rate trading on the strong side of the cu rate , the sub - committee considered it necessary to remind the market about the imminent change in order to avoid any confusion on or after 1 april , and to facilitate the market in planning for the gradual move 由于目前市场汇率处于比兑换保证汇率偏强的水平，委员会认为有必要提醒市场注意即将到来的调整，以避免在4月1日或之后发生混乱，并协助市场为此做好准备。
Our strategy since then has been to nurse the exchange rate back over time nearer to 7 . 80 . this involved , as recorded in the published minutes of the currency board sub - committee of the exchange fund advisory committee , ourselves passively taking in us dollars when these were put to us at the market exchange rate and correspondingly creating hong kong dollar liquidity in the inter - bank system 金管局当时的对策是逐渐把汇率推回至较接近7 . 80的水平，正如货币发行委员会的会议记录所载，我们的对策就是当银行以市场汇率向金管局沽出美元时，我们都会被动地接盘，卖出港元，为银行同业市场创造相应的港元流动资金。
