| 1. | The first one is the constructive ambiguity we have on the strong side of the link
首先是在联系汇率强方的具建设性的含糊性。 |
| 2. | Putting some doubt into bankers ' minds ? “ constructive ambiguity ” , as the regulators put it ? is a guard against moral hazard
这种”建设性模棱两可”的说法让银行家不好理解，也许监管者在说他们主要防范道德风险？ |
| 3. | Therefore , it is very practical to remedy its loopholes and curb the moral hazard with the principle of constructive ambiguity
因此，必须根据现行的金融关系对该制度进行相应的矫正，并运用“建设性模棱两可”原则来克服该制度的道德风险。 |
| 4. | On the one hand , the constructive ambiguity inherent in discretion inhibits speculative shorting of the hong kong dollar by making it difficult to calculate the downside risk involved
一方面，基于酌情考虑的含糊性，投机者难以估计炒卖港元可能承担的风险，因此会对炒卖活动产生一些阻吓作用。 |
| 5. | On the one hand , the constructive ambiguity inherent in discretion inhibited speculative shorting of the hong kong dollar by making it difficult to calculate the downside risk involved
一方面，基于酌情考虑的含糊性，投机者难以估计炒卖港元可能承担的风险，因此会对炒卖活动产生一些阻吓作用。 |
| 6. | As i said last week , constructive ambiguity that helpfully inhibits speculative shorting of the hong kong dollar represents also uncertainty about the extent with which the exchange rate may strengthen
正如我上星期指出，虽然这种具建设性的含糊性有助遏止抛空港元的投机活动，但亦带来有关港元汇率可转强程度的不明朗情况。 |
| 7. | But then there is no harm to have a bit of constructive ambiguity , if only for the purpose of making those shorting the hong kong dollar realise that this is not so much of a one - side bet
有时候虽然某些范畴看来会有点儿含糊，但只要对整体是有利的即所谓constructive ambiguity ，实在也无妨，好让抛空港元的人知道世事往往不是绝对的。 |
| 8. | Basically , constructive ambiguity on the strong side , while helpful in inhibiting speculative shorting of the hong kong dollar , is clearly unhelpful when , for whatever reason , there is pressure for the currency to appreciate
基本上，联系汇率制度在港元偏强时的运作维持一定程度的含糊性是具建设性的做法，因为这有助遏止抛空港元的炒卖活动，但若港元正面对升值压力，这便无补于是了。 |
| 9. | It is always very difficult to strike the right balance , particularly in exchange rate management , between withholding key information , for the purpose of retaining some constructive ambiguity on the one hand , and transparency that theoretically enhances efficiency and credibility on the other
要在保留一定程度的具建设性的含糊性而不公开某些重要资料，与保持透明度以提高效率与公信力两者间取得恰当的平衡，特别是在货币管理的范畴内，是非常困难的。 |
