| 1. | And so , notwithstanding the improvements in the fundamentals , the short hong kong dollar position continued to build up
因此，即使经济基本因素有所改善，但港元空仓仍继续增加。 |
| 2. | Indeed in 2002 the traditionally net long us dollar short hong kong dollar position of the banking system increased significantly , allegedly for this reason
年银行体系录得的美元长仓港元短仓 |
| 3. | And when there is sudden realisation that the hong kong dollar might strengthen , the short hong kong dollar position naturally becomes a concern
当银行体系突然感觉到港元可能会转强时，港元短仓自然就成为关注的焦点。 |
| 4. | Perhaps the opportunity cost of two per cent per annum is small in relation to whatever they are up to in accordance with their own assessment of the potential benefits and i hope the risks of maintaining a long hong kong dollar position
也许这些人士在衡量持有港元长仓的好处后希望也有考虑有关的风险，认为每年两个百分点的机会成本不算多。 |
| 5. | He explained that in contrast to october last year , when people had to pay very penal interest rates to fund their short hong kong dollar positions , the hedge funds had pre - funded themselves during the currency attack in august
去年月投机者为了要取得资金来支持他们的港元短仓，他们要支付惩罚性的高息，然而月份的一轮货币狙击行动中，对冲基金早已预备好所需港元。 |
| 6. | The increase in the banking sectors hong kong dollar position followed developments in the third quarter of 2003 , when banks had begun to unwind their short hong kong dollar positions , which had been built up between 1998 and mid - 2003
非银行环节减持港元头寸，可能是资产价格上升及利率处于低水平，引发投资者重新调配投资组合所致。银行体系增持港元头寸的情况是因应 |
| 7. | The banking system of hong kong traditionally runs a short hong kong dollar position , partly because of the lack of quality hong kong dollar assets and partly because of the desire , for whatever reasons , of some to hedge against the so - called hong kong risks
香港的银行体系一直以来都是持有港元短仓，部分是由于市场缺乏高质素的港元资产，部分则是因为有些银行要对冲它们所谓的香港风险。 |
| 8. | This was understood to reflect an underlying demand for hong kong dollar assets , particularly equities , and some uncertainty in the market about the strategy the hkma would follow after the convergence of the convertibility undertakings on 12 august , which had encouraged some banks to reduce their us dollar positions
月份首个星期负息差更扩阔至历史性水平，反映对港元资产尤其是对股票的潜在需求，以及市场对金管局继两个兑换保证汇率在 |
| 9. | The reasons for the slow return to the convertibility undertaking rate were , first , the time needed by some investors to unwind large short hong kong dollar positions ; and , secondly , the limited interest rate differential , despite the sharp increase in the aggregate balance , reflecting low short - term us interest rates at around one per cent and the fact that hong kong dollar rates cannot fall below zero
月大量资金流入港元的主因是美元转弱及市场猜测人民币重新估值。返回至兑换保证汇率的速度缓慢，是因为部分投资者需要一段时间才能将大的港元短仓平仓，以及即使总结馀急升，但息差仍保持在窄幅，反映短期美元利率位于约 |
| 10. | To discourage the use of laf to fund a short hong kong dollar position , the hkma issued a circular on the morning of 23 october reminding banks that they should organise their hong kong dollar funding prudently and not be overly dependent upon the laf for last resort liquidity support
由于金融管理局并不鼓励以流动资金调节机制来为抛空港元的投机者提供资金，所以在十月二十三日向银行发出通函，提醒它们要审慎管理其港元资金，不可过份倚赖流动资金调节机制作为最后的流动资金支持。 |
