While the hkma was blamed for squeezing the interbank market , this was very much the result of the system being run by the book , without any discretion on our part to dampen interest rate volatility that might be damaging to the economy 虽然金管局当时被指斥挤压银行同业市场，但其实我们只是按照联系汇率制度的本子办事，因为当时金管局在遏抑利率波动上根本并无任何酌情的空间。
For example , the hkma might fund liquidity support to banks through borrowing in the interbank market , uplifting its hk dollar deposits selling hk dollar assets , or selling foreign currency assets outside those earmarked for the backing portfolio 例如，金管局可透过在银行同业市场借款增加本身港元存款出售港元资产，或出售支持组合范围以外的外币资产，藉此为银行提供所需的流动资金。
The three refinements introduced last may allow the hkma to conduct market operations within the convertibility zone to remove any excess liquidity in the interbank market or provide more liquidity in response to any temporary increase in demand for liquidity 金管局去年5月推出的3项优化措施，让金管局可在兑换范围内进行市场操作，藉此吸走银行同业市场的过剩资金或增加流动资金以应付短暂的需要。
In a statement made on 3 march 1998 , mr joseph yam , chief executive of the hkma , has made it clear that , in these circumstances , the hkma may lend to or borrow from the interbank market to dampen extreme conditions . this policy remains unchanged . currency board operations sub - committee 金管局总裁任志刚先生在年月日的一项声明中，已清楚表明金管局在这些事例中可能会在银行同业市场拆入或拆出资金，以纾缓这些极端的情况。
As the banking community is aware , the supply of interbank liquidity , as measured by the size of the aggregate balance , is constant when the exchange rate is within the convertibility zone , but the demand is not , since it is affected by factors such as ipo activities 银行界都知道，若汇率处于兑换范围内，银行同业市场流动资金以总结馀数额计的供应会维持稳定，但资金需求则不然，原因是资金需求会受到新股上市活动等因素影响。
But it was not until the next day , when interest rates in the inter - bank market fell across the board and the hang seng index rose nearly 600 points to close at well above 8000 , that my colleagues and i at the hkma were able to breathe a sigh of relief 不过，我和金管局的同事要待翌日，看到银行同业市场拆息普遍下调，恒生指数升近600点，穿越8 , 000点收市时，才能够真正如释重负，放下心头大石。现今事隔一年，所有的事情好像都已成历史。
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。
As the banks collectively had sold more hong kong dollars to the hkma than they could settle by using their credit balances in their clearing accounts with the hkma , there was an acute shortage of interbank liquidity when these foreign exchange transactions were settled on 23 october 由于银行售予金融管理局的港元总额，较它们在金融管理局结算户口的贷方结馀多，因此当银行要在十月二十三日结算这些外汇交易时，银行同业市场便极其缺乏流动资金。
With the aim of increasing the transparency of the currency board operation , the hkma has been disclosing the forecast change in the aggregate balance attributable to the hkma s foreign exchange transactions on its reuters page on a real time basis since june 1998 . this measure enables market participants to anticipate changes in liquidity conditions in the interbank market and facilitates a more efficient adjustment in the interbank interest rates 货币发行局运作的透明度为了提高货币发行局运作的透明度，金管局自1998年6月开始在路透社专页上即时披露因金管局的外汇交易引致的总结馀变动预测。这项措施使市场人士能预计银行同业市场的流动资金水平，促进同业拆息有效调节。
