The discount rates applicable to different levels of holdings of exchange fund paper at the discount window are in turn determined by transparent formulae relating them to the base rate 银行透过贴现窗借款时，须按照贴现的外汇基金票据或债券占其所持总额的百分比而支付的不同贴现率，这贴现率是以基本利率为基础，而其计算方式亦具高透明度。
However , even though our base rate is 150 basis points higher than the fed funds target rate , it does not mean that hong kong dollar interest rates are necessarily higher than us dollar interest rates 以目前联邦基金目标利率处于3 . 75厘计，我们的基本利率便是5 . 25厘。但即使基本利率高出联邦基金目标利率150基点，也不代表港元利率一定会高于美元利率。
The base rate is the interest rate that we charge licensed banks when they come to the discount window operated by us , with exchange fund paper , at the end of the day when they find themselves short of liquidity 日终结算时，有需要的银行可凭外汇基金票据及债券作为抵押，向贴现窗借取流动资金以作周转。换言之，基本利率才是名符其实的本港利率指标。
The base rate is set at the higher of the simple average of the five - day moving averages of overnight and one - month hibors , and the us federal funds target rate plus an adjustment factor , currently set at 150 basis points 基本利率按港元隔夜及一个月银行同业拆息的五日简单平均数，或美国联邦基金目标利率加一个系数(现定为150基点)厘定，以较高者为准。
Yet a change in the prime rate is normally brought about by a change in the fed funds target rate in the us and the corresponding and immediate change in our base rate for accessing hong kong dollar liquidity through the discount window 然而，促使最优惠利率变动的原因，通常是美国联邦基金目标利率变动，以及本港贴现窗提供港元流动资金的基本利率即时作出相应调整。
In determining the base rate , it is obviously essential , on the one hand , to ensure that interest rates are adequately responsive to capital flows and , on the other hand , to allow excessive and destabilizing interest rate volatility to be dampened 在厘定基本利率时，我们认为有需要确保利率能充分反映资金流量的情况，同时亦能抑制过度而且危害金融稳定的利率波动情况。
The base rate will form the foundation on which different discount rates are computed and for use in the overnight repurchase agreements repos through the discount window in respect of different percentage thresholds of exchange fund paper held by licensed banks 金管局根据持牌银行经贴现窗进行隔夜回购协议所用的外汇基金债券票据数量厘定适用的贴现率时，会以基本利率作为计算基础。
But i wonder whether readers are familiar with the fact that the interbank interest rates , again particularly those for short term hong kong dollar liquidity , are in turn influenced by the level of the base rate advertised in the market by us 但读者又是否知道银行同业拆息，尤其短期拆息，本身也会受到金管局公布的基本利率水平所影响？基本利率是持牌银行向金管局的贴现窗借取资金所需支付的利率。
