| 1. | This means that the treasury will need to draw on the fiscal reserves deposited with the exchange fund
即是说库务局将要提取存放于外汇基金的财政储备。 |
| 2. | Besides , rrr hikes now have a reduced impact on banks , as more funds are coming from securities firms , which do not need to pay the required reserve deposits to the central bank
此外，上调准备金率对银行的影响已日益薄弱，因为更多的券商资金流入且这部分资金无须缴纳存款准备金。 |
| 3. | Readers will recall the new arrangements introduced in april 1998 to enable the fiscal reserves deposited with the exchange fund to enjoy the same rate of investment return as that of the exchange fund as a whole
我想读者还记得1998年4月推出的新安排，让存放于外汇基金的财政储备可享有与整体外汇基金相同的投资回报率。 |
| 4. | To a large extent , this was because we had significantly more foreign reserves in the exchange fund than the sums mobilised , and the fund had no significant liabilities other than the fiscal reserves deposited there
这主要是因为外汇基金的外汇储备远超过我们当时所动用的数额，而且除了政府存入的财政储备外，外汇基金并无任何重大债务。 |
| 5. | In accordance with the agreed formula for calculating investment return for the fiscal reserves deposited with the exchange fund , the amount accruing to the general revenue is hk 25 . 7 billion , more than twice the amount of hk 12 . 1 billion budgeted for
根据存放在外汇基金的财政储备的议定计算投资回报的方法，应计的政府一般收入为257亿港元，是预算数字121亿港元的两倍有多。 |
| 6. | There was a net withdrawal of hk 36 . 6 billion of fiscal reserves deposited with the exchange fund in 2001 , and the bulk of this took place in the " dry " revenue months , which coincided with the period before bond prices rose sharply
库房在2001年向外汇基金提取的财政储备净额为366亿港元，这些提取行动大部分都在库房收入较少的月份进行，适逢正是债券价格仍未大幅上升的时候。 |
| 7. | And there is strong public expectation for good investment performance . this has recently been made more prominent in view of the importance of the investment return on the fiscal reserves deposited with the exchange fund to the public finance
此外，公众对外汇基金的投资表现亦抱有很高的期望，加上近期存入外汇基金的财政储备的投资回报对公共财政越显重要，因此公众的期望亦更高。 |
| 8. | These are the existing re - lending rate to the banks , the rediscount rate , the interest rate for reserve deposits that banks hold with the pboc , and the spectrum of interest rates at which the now quite large pool of pboc bills are auctioned and traded in the market
人行推行货币政策只需集中于几项政策利率，即现时对银行的转贷利率再贴现率银行存于人行的储备存款利率，以及人行各式票据的投标与买卖利率。 |
| 9. | And there are other important tasks , such as seeking to help the government in its efforts to contain the fiscal deficit by achieving a favourable return on the fiscal reserves deposited with the exchange fund - subject always to meeting the other investment objectives of the fund
同时，金管局尚有其他重要职责，例如在符合外汇基金的其他投资目标的情况下，努力为存入外汇基金的财政储备争取理想回报，从而协助政府遏止财政赤字进一步增加。 |
| 10. | First , we used the opportunity to sell foreign reserves for hong kong dollars , in anticipation of the draw down of fiscal reserves deposited with the exchange fund , as the public finances moved into a cyclical as well as a seasonal deficit . this relieved some of the pressure on the exchange rate and therefore obviated the need for a repeat of the very sharp interest rate hike of 1997
首先，由于公共财政步入周期性及季节性赤字，我们预期政府会提取存入外汇基金的财政储备，于是我们藉机沽出外汇储备，以换取港元，在某程度上使汇率所受的压力得以纾缓，避免再次出现 |
