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。
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。
But banks may have shunned the auction ? the first of four planned until mid - october ? for fear that , if their bids became known , it could suggest desperation , especially since the interest payable on the funds is at least one percentage point above base rate 但银行们可能会回避10月中旬的四个计划拍卖中的第一个，因为他们担心如果出价为已知时这是铤而走险的，尤其是这比资金的应付利息至少在基准利率的一个百分点以上。
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。
