The amount of liquidity in the interbank market , as measured by the aggregate balance , has been coming down as the interest rate differential between the hong kong dollar and the us dollar gradually reversed the earlier inflows of funds 由于港元与美元的息差逐步扭转较早前有资金流入的情况，因此以总结馀来衡量的银行同业流动资金额一直回落。
Interbank liquidity had increased , and local interbank interest rates had shown a general decline , with the lowest spread between us dollar and hong kong dollar rates at the one - year horizon since the asian financial crisis began 银行同业流动资金有所增加，本地银行同业拆息也普遍下调， 1年期美元与港元息差收窄至亚洲金融风暴爆发以来的最低位。
Readers will recall that in september 1998 we built a big cushion in our monetary system through enlarging the size of our monetary base by allowing the use of exchange fund paper for obtaining interbank liquidity 相信各位读者还记得，我们于1998年9月透过扩大货币基础，在货币制度内建立了一个大的缓冲，容许银行以外汇基金票据和债券作为抵押，取得银行同业流动资金。
Nevertheless , reflecting renewed concerns of an increasing budget deficit , short - term interest rates generally maintained a small positive differential against their us dollar counterparts ( except for the third quarter when interbank liquidity was relatively abundant ) 然而，由于市场再次忧虑预算赤字会上升，因此短期利率普遍略为高于同期美元利率(第三季除外，因该季银行同业流动资金相当充裕) 。
Interbank liquidity increased notably in november in the face of increasing demand of hong kong dollar assets , driven by the favourable reception of the sale of the tracker fund of hong kong and the conclusion of the sino - us agreement on the terms of the mainland ' s entry into the world trade organisation 十一月份，由于出售盈富基金反应热烈，以及中美就中国加入世贸的条件达成协议，引发对港元资产需求增加，银行同业流动资金显着上升。
Members agreed that the issue of exchange fund paper to mop up interbank liquidity would be consistent with currency board principles : exchange fund paper was a component of the monetary base , and such a measure would involve no change in the size of the monetary base 委员会同意发行外汇基金票据及债券来吸收银行同业流动资金，符合货币发行局的原则。原因是外汇基金票据及债券是货币基础的组成部分之一，这项安排不会令货币基础的数额有所变动。
When consulting academics and market practitioners on the proposed measure , there is a general consensus that , by allowing the outstanding amount of exchange fund bills and notes to grow in such a non - discretionary manner consistent with the currency board principles , the arrangement will allow the cushion to the level of interbank liquidity to rise over time 金管局就建议措施谘询学者和市场人士时，收到的意见一致认为容许外汇基金票据和债券的未偿还总额在符合货币发行局运作原则的情况下，随著外汇基金票据和债券的利息数额增加，可以让银行同业流动资金水平的缓冲逐渐扩大。
The convertibility undertaking had been triggered on a number of occasions in the first half of the period : the resulting shrinkage in interbank liquidity had led to a firming of local interest rates , and , with the sale of us dollars by note - issuing banks following the chinese new year period , the exchange rate of the hong kong dollar had strengthened slightly relative to the convertibility rate in respect of the aggregate balance 在报告期的前半段时间曾进行了数次兑换保证交易：银行同业流动资金因而减少，引致本地利率上扬，加上发钞银行在农历新年过后出售美元，港元汇率因而转强，较总结馀兑换保证汇率略强。
The decrease was attributable to reductions in certificates of indebtedness and the aggregate balance , by hk 5 . 7 billion and hk 5 . 5 billion respectively . these changes reflected a reversal of the high demand for bank notes and inter - bank liquidity associated with seasonal and year 2000 related factors 货币基础减少，主要是由于负债证明书与银行体系总结馀分别减少亿港元和亿港元，反映因季节性及与公元年有关的因素导致对纸币和银行同业流动资金需求上升的情况已告扭转。
