| 1. | Yield spreads between exchange fund paper and us treasuries basis points
外汇基金票据债券与美国国库券的收益率差距基点 |
| 2. | Such spreads had widened to over 500 basis points during the asian financial crisis but had come down considerably over the past two years
在亚洲金融危机期间，上述收益率差距曾扩阔至超逾 |
| 3. | The narrow spread between the yield of our paper and that of the exchange fund notes has clearly demonstrated the high credit standing of the hkmc
按揭证券公司债券及外汇基金债券的收益率差距轻微，清楚表明按揭证券公司信誉良好。 |
| 4. | 8 . the sub - committee noted an information paper analysing the various risk components in the yield spreads of exchange fund paper over us treasuries
8 .委员会审阅了一份分析外汇基金票据及债券与同期美国国库券的收益率差距的多项风险组成部分的资料文件。 |
| 5. | Yield spreads between 5 - year and 10 - year exchange fund paper and their us counterparts widened from 124 bp and 153 bp to 130 bp and 164 bp respectively during the reporting period table 1
报告期内， 5年期和10年期外汇基金债券与同期美国国库券的收益率差距分别由124基点和153基点，扩阔至130基点和164基点表1 。 |
| 6. | Yield spreads between 5 - year and 10 - year exchange fund paper and their us counterparts widened from 124 bp and 153 bp to 130 bp and 164 bp respectively during the reporting period ( table 1 )
报告期内， 5年期和10年期外汇基金债券与同期美国国库券的收益率差距分别由124基点和153基点，扩阔至130基点和164基点（表1 ） 。 |
| 7. | Indeed , the yield differential between our three - month and ten - year exchange fund papers is now less than one percentage point . this is even smaller than the yield differential between corresponding us treasuries
事实上， 3个月外汇基金票据与10年期外汇基金债券目前的收益率差距不足1个百分点，比同期美国国库券的收益率差距还要小。 |
| 8. | Because of the positively sloping hong kong dollar yield curve , and the tendency of the yield margin over us treasuries to rise along the curve , the increasing proportion of longer paper tended to incur higher interest costs
由于港元收益率曲线向上倾斜，而且与美国国库券的收益率差距也随年期上升有扩阔趋势，长期外汇基金债券的比例增加会令利息成本增加。 |
| 9. | This adjustment has been described as resulting from a reassessment of the risks of emerging markets by investors , against the background of the earlier compression of yield spreads as excessive liquidity flocked to these markets , and was therefore considered overdue
事实上，由于较早前有过多资金涌入新兴市场，导致收益率差距受到遏抑，这番调整其实是投资者重新评估新兴市场的风险的结果，因此被视为早就应该出现的合理发展。 |
| 10. | The yield curves flattened during the year , mainly reflecting subsided concerns over the inflation outlook in the us . the yield differentials between the exchange fund notes and us treasuries narrowed during the year , to 33 basis points and 44 basis points respectively for 7 - year and 10 - year paper
年内，年期较长的外汇基金债券与同期美国国库券的收益率差距收窄，七年期与十年期外汇基金债券的收益率分别收窄至33基点及44基点。 |
