Whether a mechanical change in the hong kong dollar base rate brought about by a change in the us fed fund s target rate will lead to corresponding changes in interbank rates , hkab deposit rates and the best lending rate is a less straightforward matter 至于港元基本利率紧随美国联邦基金目标利率变动，会否亦带动银行同业拆息银行公会存款利率和最优惠利率作出相应调整？这问题并非三言两语就可解释清楚。
After all , the hong kong monetary authority determines the base rate and hence the discount rates at which licensed banks can obtain liquidity assistance at the end of a business day , should they find themselves short of money , to fulfill their own or their customers payment obligations 原因是金管局负责厘定基本利率，而持牌银行于日终向金管局寻求流动资金援助，以应付本身或客户支付责任所用的贴现率，亦是据此定出的。
Although , in accordance with the currency board arrangements , the base rate had been increased by the same magnitude , banks in hong kong had generally not so far seen a need to increase hong kong dollar interest rates because of the large amount of liquidity remaining in the interbank market 个百分点。虽然在货币发行局制度下基本利率按相同幅度调升，但由于银行同业市场仍有大量流动资金，迄今本港银行普遍认为未有需要调高港元利率。
An important aspect to notice is also that our base rate , since its introduction as part of the seven technical measures to strengthen our linked exchange rate system , is automatically determined whenever there is a change in the fed funds target rate , without any discretion on our part 另一点很重要的，就是作为我们强化联系汇率制度而推出的七项技术性措施之一，基本利率的水平是依照联邦基金目标利率的变动而自动调节，完全不涉及金管局的酌情决定。
At the wholesale level , the base rate , determined automatically by reference to the us fed funds target rate , is the key interest rate for hong kong dollar funds . it is against the base rate that interbank interest rates are in turn determined , having regard to the supply and demand of interbank funds , or the element of the monetary base represented by the total of the clearing balances of licensed banks 在批发市场的层面上，基本利率是根据美国联邦基金目标利率而自动厘定，成为港元资金的主要指标银行同业拆息则是根据基本利率及同业资金的供求情况即是作为货币基础一部分的持牌银行总结馀来厘定。
Banks are charged the base rate with respect to the first 50 per cent of their holding of exchange fund bills and notes , but , for the next 50 per cent , base rate plus 5 per cent , or the overnight hong kong interbank offer rate ( hibor ) of the day , whichever is the higher 银行在贴现窗借款不超过本身所持外汇基金票据及债券总数的百分之五十，将须按基本利率支付利息；至于利用馀下的外汇基金票据及债券借款，则须按基本利率加5厘，或当日的港元隔夜银行同业拆息(两者以较高者为准)支付利息。
The third chapter of the thesis makes a study of the equation of interest rate - amount , of circulating fund on limited occasions of sudden events , proves that the network average interest rates of different time periods are also different and change with the impulsive conditions , and makes clear the relationship between the network average interest rates of two neighboring time periods . as far as every node in the network is concerned , its instant interest rate will tend to , in the end , at the sum of the basic interest rate of every node and the growth rate of the network 本文第三章研究了出现有限次突发事件时的利率?流通量方程，证明了不同时间段的网络平均利率也不相同，并且，随脉冲条件的变化而变化，同时给出了相邻两个时间段网络平均利率之间的关系，就网络中每个结点而言，其即时利率最终稳定于结点基本利率与网络增长率之和。
In the second section of chapter 2 , the fact that the essential interest rates of all nodes differ from each other is discussed , a non - homogeneous differential equation model of interest rate - amount of circulating fund is established , and it is proved that the sum of the weighted interest rates of each node in the financial network still remains a constant and that the difference of the instant interest rates between two nodes will finally approach the difference between their basic interest rates . in the third section of chapter 2 , the differential equation model of interest rate - amount of circulating fund in an open system is studied , the laws of changes of interest rate are taken into account when fund is injected into or withdrawn from the node or when fund is injected into the network or withdrawn from the network , and the stability of equilibrium solution is proved based upon lyapunov stability theory . in the last , the equation model of interest rate - amount of circulating fund in the financial network with time delay is studied , and a necessary and sufficient condition for the existence of periodic solution is obtained to the interest rate - amount of circulating fund equation with delay 本文第二章首先建立了封闭系统的利率?流通量微分方程模型，证明了各结点利率加权和为常数即金融市场利率均衡原理，以及各结点利率极限为整个网络平均利率；其次在各结点基本利率不相同的情况下，建立了非齐次利率?流通量微分方程模型，证明了金融网络各结点利率加权和仍是一个常数，并证明了各结点两两之间的即时利率之差最终将稳定地趋于其基本利率差；此外，还研究了开放金融网络利率?流通量方程模型，考虑了结点自身追加资金和提走资金的情形以及网络外部注入资金和向外部转移资金情形下的利率变化规律，用lyapunov稳定性理论证明了模型均衡解的稳定性；最后，还研究了具有时滞的金融网络利率?流通量方程模型，并给出了具有时滞金融网络的利率流通量方程具有周期解的充要条件。
The " premium " of 150 basis points is designed to encourage licensed banks in hong kong to manage their interbank liquidity prudently , through imposing a small penal element when they access the discount window . indeed the short term interbank interest rates , under normal circumstances , follow closely those for the us dollar 基本利率升水150基点的目的，是要使寻求贴现窗协助的银行支付一项细小的惩罚性代价，藉以鼓励本港的持牌银行尽量审慎地管理银行同业的流动资金需求。
In a few instances , the amounts involved were big relative to the aggregate balance , enough to push it into negative territory . in all such instances , interbank interest rates at the short end , in particular the overnight rate , firmed to near the level of the base rate at which licensed banks with exchange fund paper can access the discount window for liquidity assistance 曾经有过几次的例子，由于涉及的资金额相对总结馀颇为大，使总结馀变成负数，短期拆息尤其是隔夜拆息也随之升至接近基本利率水平，这也是持牌银行以外汇基金票据和债券作抵押向贴现窗借钱所用的息率。
