The one - way convertibility undertaking the absence of a formal convertibility undertaking on the strong side of the link does not make the commitment to the link any less firm . nor does it affect the hkma s ability to deliver on the monetary policy objective 金管局没有就港元汇价强于联系汇率的情况提供正式的兑换保证，并不表示我们维持联汇制度的决心有丝毫动摇，亦无损我们达致货币政策目标的能力。
As an example , the sudden turn of sentiment in the hong kong dollar exchange rate in september last year , from weakness to strength , notwithstanding our strong commitment to stability , came at a time when the banking system was short in the hong kong dollar to an unusually large extent 举例来说，即使我们表明致力维持港元汇价稳定，去年9月正当银行持有大量港元短仓时，市场对港元汇率的看法突然由看淡转为看涨。
Although all of the one trillion hong kong dollars of assets of the exchange fund can be used to ensure the stability of the exchange value of the currency of hong kong , in transparently operating the currency board system , we prepare for analytical purposes a specific currency board account 虽然外汇基金内全部1万亿港元的资产都可以用作确保港元汇价稳定，但货币发行局制度是以高透明度的方式运作，因此我们为方便分析，特别指定了一个货币发行局帐目。
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。
Of course , it is not possible to cover every aspect of money and the hkma s work in a small exhibition . we have , therefore , focused on what we see as some of the important aspects - keeping the hong kong dollar stable , managing hong kong s official reserves , and ensuring that money moves around the economy smoothly - as well as looking at new developments in e - banking 这个小型展览当然不可能钜细无遗，详述金融货币及金管局工作的所有事项，而是会集中介绍一些较重要的课题，包括如何保持港元汇价稳定如何管理官方储备如何确保货币流通畅顺，以及介绍电子银行服务的最新发展。
