The sub - committee considered a paper examining the need , consistency with currency board principles , effectiveness , and technical considerations of issuing exchange fund paper to mop up interbank liquidity in the light of the substantial increase in the size of the aggregate balance in recent months 委员会审阅了一份有关因应近月总结馀大幅增加而考虑发行外汇基金票据及债券，以吸收银行同业流动资金的文件。文件研究是否需要实行有关安排有关安排是否符合货币发行局的原则其成效及当中所涉及的技术性问题。
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。
There may be circumstances in which some mopping up of inter - bank liquidity through the exceptional issue of exchange fund paper would be desirable . there may also be circumstances in which negative interest rates could become justifiable , if only for the purpose of underlining the government s determination to maintain the linked exchange rate system 有些情况可能需要特别增发外汇基金票据及债券，以吸收部分银行同业流动资金有些情况可能需要实施负利率，例如是为了强调政府维持联汇制度的信心。
The decrease was attributable to reductions in certificates of indebtedness and the aggregate balance , by hk $ 5 . 7 billion and hk $ 5 . 5 billion respectively . these changes reflected a reversal of the high demand for bank notes and inter - bank liquidity associated with seasonal and year 2000 related factors 货币基础减少，主要是由于负债证明书与银行体系总结馀分别减少５ ７亿港元和５ ５亿港元，反映因季节性及与公元２ ０ ０ ０年有关的因素导致对纸币和银行同业流动资金需求上升的情况已告扭转。
This is understandable . but this is the only challenge posed by our monetary system to those responsible for managing interbank liquidity in banks - not much of a challenge compared with that faced by those working in other monetary systems in which exchange rate volatility is a day - to - day feature 不过，这是本港的货币制度对负责管理银行同业流动资金的业界人士带来的唯一挑战，若与其他货币制度下业界人士每日要面对汇率波动的情况相比，本港业界人士面对的挑战算不上特别严峻。
