A premium in the swap price indicates the market perception of the possibility of outflow from the hong kong dollar , and a discount indicates the market perception of the possibility of inflow , although no light is thrown on the rationale behind them . but small deviations of , say , up to 100 pips for a three - month swap are not really very significant , as sentiment in the relative attractiveness of financial and other investments in hong kong and the us shifts in response to new information continuously made available 但若升水或贴水的幅度比较细小，如3个月掉期价升水或贴水不超过100点子，实际上不会有太大影响，原因是市场会陆续传出新消息，到时在港美两地的金融产品和其他项目进行投资的相对吸引程度也会随之改变。
