货币发行制度

委员会留意到货币发行局制度一直有效运作。

Members observed that the currency board arrangements were working effectively .

本港的联系汇率制度是一种货币发行局制度。

Hong Kong 's Linked Exchange Rate system is a Currency Board system .

因此，香港并无偏离货币发行局制度的规律。

There is therefore no departure from the discipline of currency board arrangements .

香港所奉行的货币发行局制度是属于后者。

Hong kong , operating a currency board system , falls in the latter category .

货币发行局制度的宏观经济效应&以中国香港和阿根廷为分析个案

Macroeconomic Effect of Currency Board System

再者，作为维持固定汇率的机制，货币发行局制度本身是最稳健的安排。

Moreover , the mechanism for maintaining that fixed exchange Rate-through currency board arrangements-is most robust .

这项对货币发行局制度的结构性改革，是史无前例的。

This structural change to the currency board arrangements has no precedent anywhere in the world .

在稳健而规范化的货币发行局制度下，货币基础数额一直保持稳定。

The size of the monetary base has remained stable under our robust and rule-based currency board system .

现代货币发行局制度的结构应该是怎样的一个课题，是没有先例可援的。

No precedents were available to show us how a modern day currency board system should be structured .

我们会继续听取各界提出的建设性意见，以加强在货币发行局制度下的货币管理系统。

We shall continue to listen to constructive ideas for strengthening our monetary management system under the currency board arrangement .

上世纪90年代末，保加利亚引入了货币发行局制度，消除了恶性通胀并从金融危机中复苏。

In the late 1990s Bulgaria rid itself of hyperinflation and recovered from financial collapse by introducing a currency board .

阿根廷爆发的金融危机再次引起人们对货币发行局制度的宏观经济效应的关注。

Recently the Argentina Financial Crisis caused the world to focus the attention on the macroeconomic effect of currency board system .

在货币发行局制度下，港元汇率通过利率调节机制得以维持稳定。

Under the currency board system , Hong Kong dollar exchange rate stability is maintained through an interest rate adjustment mechanism .

从理论和实践两个方面指出，货币发行局制度确实对于宏观经济的稳定发展有着良好的作用，但亦存在相当大的负面影响。

It can be concluded that currency board system could bring stability to macroeconomic system although it may cause some side effect .

作为一位职业公务员，任志刚于1983年参与了香港货币发行局制度的创建。

A career civil servant , Mr Yam was involved in the establishment of the city 's currency board in the 1983 .

事实上，金管局内只有小部分职员负责货币发行局制度的日常运作。

In fact , only a quite small percentage of our staff time is devoted to day-to-day operations of the currency board .

当港元面对最近一轮的冲击时，货币发行局制度证明能有效发挥作用。

In the recent round of attacks on the Hong Kong dollar , the currency board system has proven to be most effective .

金管局推出七项强化香港货币发行局制度的技术性措施，至今已有一年多的时间。

It has been just over a year since the seven technical measures to strengthen the currency board system of Hong Kong were introduced .

面对总结馀跌至负数，市场运作仍然极为畅顺，显示货币发行局制度运作有效。

The market response to the negative aggregate balance had been very smooth and had demonstrated that the currency board system was working efficiently .

很明显，货币发行局制度能成功维持香港汇率稳定，香港市民才是真正的幕后英雄。

Very clearly , they are the true heroes behind the success of the currency board system in maintaining exchange rate stability in Hong kong .

这些安排香港也许用不，但却有助增进对货币发行局制度运作的了解。

While these arrangements may not be called for in Hong kong , they throw useful light on the way in which currency board systems work .

在货币发行局制度下，结馀总额主要由资金流入或流出港元的数量决定。

Under the currency board system , the aggregate balance is determined predominantly by the flow of funds into or out of the Hong Kong dollar .

这些负债证明书成为了发钞银行发行的钞票的法定支持，而这种安排实际上是一种货币发行局制度。

These certificates were the legal backing for the notes issued by the note-issuing banks under what became , in effect , a currency board system .

为使货币发行局制度有效运作，负责运作的机构必须同时也是管理电子化银行同业结算系统的机构。

For the effective operation of currency board arrangements , the organisation responsible for running the system has to manage the electronic interbank clearing system as well .

根据货币发行局制度，由于在汇率稳定的环境下资金流入，货币基础会扩大，外汇储备亦会增加，使本地利率下降。

Currency board arrangements translate currency strength arising from capital inflow into an expansion of the monetary base , more foreign reserves and lower domestic interest rates .

委员会研究了双向兑换保证理论上的好处，也获悉多个其他货币发行局制度也有这种承诺。

Members examined the possible theoretical advantages of a two-way convertibility undertaking and noted that a number of other currency board systems had such an undertaking in place .

此举是确保银行利用外汇基金债券票据作为抵押品，经贴现窗进行的回购协议不会违反货币发行局制度的严格原则。

This is to ensure that the repo of Exchange Fund paper through the discount window does not involve any departure from the discipline of the currency board system .

近年本港致力强化及发展货币发行局制度，使之更趋向规范化及具透明度，从而减少受外来冲击的机会。

In recent years Hong Kong has strengthened and developed its Currency Board system to make it more rule based , more transparent and less vulnerable to external shocks .

香港的联系汇率制度是一种货币发行局制度，规定货币基础必须以一种外币按照固定汇率作出支持。

The linked exchange rate system is a currency board system , which theoretically requires the monetary base to be backed by a foreign currency at a fixed exchange rate .

本文从货币发行局制度的演变及其主要特征入手，分析了这种制度对一系列宏观经济变量的影响机制，并以中国香港特别行政区、阿根廷为个案分析了这种制度的宏观经济效果。

From evolution and characteristics of this system , the paper analyses the mechanism in which currency board system influences the macroeconomic variables and the actual macroeconomic effect of Hong Kong and Argentina .