The rises in the forward premium were most notable in march and october , and were largely attributable to concerns about the widened budget deficit and renewed public concerns about the link 远期汇率溢价在3月及10月的升势最明显，主要原因是财政预算赤字扩大引起忧虑及公众再度关注联汇制度。
The 12 - month forward discount fluctuated between 200 and 800 pips during the first nine months of the year , but increased in the fourth quarter to close at 1 , 650 pips at the end of the year 在2004年头9个月内， 12个月远期汇率折让幅度徘徊在200至800点子之间，但折让在第4季扩大，至年底收市时达1 , 650点子。
The term " capital outflow " is regrettably a rather sensitive one , in view of the danger of its being attributable to a possible lack of confidence in the currency 碍于资金外流有可能被视为是对港元缺乏信心的举措，因此这个话题颇为敏感。然而，从港元远期汇率溢价细小，可见并无迹象显示对港元汇率缺乏信心。
On the monetary front , it is particularly pleasing to see strengthened support , and enhanced confidence in the outlook , for the currency , as the forward premium in the exchange rate fell markedly to historically low levels 货币方面，令人感到特别可喜的是，由于美元兑港元远期汇率溢价跌至历史低位，可见港元受到较大的支持，市场对港元前景的信心亦增强。
Reflecting the inflow of funds , hong kong dollar forward points had continued to be at a considerable discount , and the negative spreads between hong kong dollar interbank interest rates and their us dollar counterparts had widened during the period 32 . 9亿港元。由于有资金流入，期内美元兑港元远期汇率继续出现颇大的折让，港元与美元银行同业拆息之间的负差距亦进一步扩大。
Members further noted that , slightly beyond the period covered by the report , the concerns about atypical pneumonia had contributed to a rise in hong kong dollar 12 - month forward points , which , having peaked at around 370 in late april , had since eased to well below 300 委员会又获悉，报告期结束后不久非典型肺炎问题造成的关注导致12个月美元兑港元远期汇率溢价上升。汇率溢价于4月底上升至约370点子高位，其后回落至显著低于300点子的水平。
Indeed , the behaviour of our currency , notwithstanding the background of the global economic slowdown , bears this out . the one - year forward exchange rate of the hong kong dollar against the us dollar is now at a discount of about 40 points . this means that one could buy us dollar one - year forward at an exchange rate of below or stronger than 7 . 80 , and that interest rates for the hong kong dollar for up to one year are lower than those for the us dollar 事实上，尽管全球经济正在放缓，但港元的表现已清楚说明这一点：目前1年期港元兑美元的远期汇率低水约40点子，表示可以低于7 . 80的汇率即较7 . 80强的汇率买入1年期远期美元，同时1年期或较短期限的港元利率也较相应的美元利率低。
But it was , as those working in the foreign exchange market often tell us , one of those psychological levels that might trigger unusual market reaction , not just in the forward exchange rate of the renminbi , but also in the spot and forward exchange rates of the currencies of jurisdictions having a close economic relationship with the mainland , notably the hong kong dollar 8除了是个整数，并与发字谐音之外，本身没有甚么特别意义。但正如外汇市场人士经常说，八算是其中一个可能触发市场异常反应的心理关口，而且不单人民币本身的远期汇率如此，就连与内地经济关系密切的地区的货币其中当然包括港元的现货及远期汇率也会受到影响。
