Exchange fund paper is already transferable with the aggregate balance through automatic intra - day repos , which is an essential feature of our inter - bank payment system , and through over - night repos using the discount window 透过自动化的即日回购协议这是本港银行同业支付系统的主要特点及经贴现窗进行的隔夜回购协议，外汇基金票据及债券已可与总结馀互相转移。
As the improved efficiency of the interbank payment system has facilitated liquidity management of licensed banks , the need for the laf deposit facility to facilitate orderly interbank market activities has fallen away 由于银行同业支付系统的效率得以提高，使持牌银行能更有效管理流动资金，因而无须继续以流动资金调节机制下的存款机制来促进有秩序的银行同业市场活动
Having watched these events closely , i think the lack of excessive volatility in the interbank rates over the course of the ipo and the absence of any hiccup in the interbank payment system on the payment and refund days are quite an achievement 我一直很留意这些公开招股活动，并认为其间银行同业拆息没有过度波动，在付款及退款日银行同业支付系统有条不紊的运作，实在值得欣赏。
The successful launch , in december 1996 , of the real time gross settlements rtgs system , one of the most advanced in asia , provides hong kong with a modern , efficient and robust interbank payment system , where settlement risk has been reduced to an absolute minimum 月成功推出的即时支付结算系统，是亚洲区最先进的支付系统之一。透过这个现代化高效率和稳健的银行同业支付系统，本港有关交易的结算风险已减至最低。
This is partly because the aggregate balance , or the supply of interbank liquidity to oil the interbank payment system , has been somewhat larger than necessary except when there are large initial public offerings of shares , and partly because the liquidity in our banking system has been ample as reflected by a rather low loan - to - deposit ratio 当中部分原因是除非遇上大型的首次公开招股活动，否则总结馀即为应付银行同业支付系统正常运作的银行同业流动资金一向都多过正常所需此外，本港银行体系资金充裕，从贷存比率处于颇低水平可见。
We persistently had hong kong dollar interest rates below those of the us dollar , as the amount of liquidity in the interbank market , as measured by the size of the aggregate balance , stayed at levels in multiples from about 5 times to 100 times of what is normally required as engine oil for our very efficient interbank payment system 过去18个月的经验正好说明这点：本港银行同业市场的流动资金即总结馀数额停留在高于为保持银行同业支付系统有效运作所需的正常水平大约5倍至100倍的水平，港元利率亦因而一直低于同期美元利率。
