After a promising start in the first quarter of the year , global equity markets declined sharply in the middle of the year but rallied strongly in the fourth quarter on positive earnings 全球股市继于年内首季有利好表现后，在年中大幅下挫，到了第4季则受公司盈利理想刺激而大幅回升。
On this occasion , having taken into account the prevailing market conditions and weak market sentiment , the hkma , on the advice of efil , has decided to set the tap issue limit at 100 million units 有鉴于目前市况及市场气氛薄弱，金管局谘询过投资公司后，决定将2001年第4季的发售限额订定至1亿单位。
The 12 - month forward discount fluctuated between 200 and 800 pips during the first nine months of the year , but increased in the fourth quarter to close at 1 , 650 pips at the end of the year 在2004年头9个月内， 12个月远期汇率折让幅度徘徊在200至800点子之间，但折让在第4季扩大，至年底收市时达1 , 650点子。
We should of course remember that the very loose monetary conditions , as a result of much of the capital inflow we experienced in the fourth quarter of last year remaining in the banking system , is a temporary phenomenon 当然我们要紧记去年第4季有大量资金流入银行体系，令货币状况相当宽松只是暂时的现象。
All mms were able to fulfil all the objective criteria in the first three quarters of 2002 , while only a few mms fell short of individual criterion by negligible margins in the fourth quarter 在2002年首3季，所有市场庄家均能符合所有表现基准，只有少数市场庄家在第4季未能符合个别基准，不过有关幅度微不足度。
As pointed out before in this column , since the fourth quarter of 1998 , after the introduction of the seven technical measures to strengthen our exchange rate system , there has been a clear de - coupling in the market expectation of future movements of the exchange rates of the two currencies 正如本栏较早指出过，自1998年第4季推行7项有关巩固本港汇率制度的技术性措施后，市场已明显不再预期人民币与港元汇率的未来变动会存在彼此相连的关系。
We can observe another interesting phenomenon . while there was a remarkable correlation between the two during the year 1998 , suggesting that market sentiment believed that a devaluation of one of the two currencies would similarly affect the other one , the correlation has disappeared since the fourth quarter of 1998 ，可以发现另一有趣现象：人民币和港元在1998年的模式有很明显的相连关系，显示市场一般认为两者任何其一贬值都会影响对方，但此关系在1998年第4季开始已经消失。
However , in the real world , this is not always the case . during the period from the fourth quarter of 1995 to the third quarter of 1997 , nominal annual growth of private consumption expenditures accelerated , even though the growth of nominal payroll per person ( " wages " ) decreased moderately ( see chart 1 ) 然而，在现实世界当中，这个道理并非必然。例如在1995年第4季至1997年第3季间，纵使就业人士的名义平均薪酬增幅(现简称“薪酬” )正轻微下降，名义私人消费却是按年递增(见图一) 。
In line with the above objectives , a pre - construction task force and a retail task force with extensive representation of the concerned trades have been set up under the subgroup in the last quarter of 2004 to review the regulatory activities in the pre - construction stage and those affecting the retail sector respectively 为达至上述目标，在小组之下已于2004年第4季成立了包括广泛业界代表参与的楼宇施工前期工作小组及零售业工作小组，分别就楼宇施工前期及影响零售业的规管进行检讨工作。
