| 1. | We honour the convertibility undertaking unconditionally and in strict accordance with the monetary rule of our currency board system
我们的政策是严格遵守货币发行局制度的货币规则，无条件地履行兑换保证。 |
| 2. | Under the monetary rule which governs the currency board system , any change in the monetary base whether increase or decrease must be matched by corresponding changes in foreign reserves
根据规范货币发行局制度所用的货币规则，货币基础任何变动不论扩大或缩小必须有外汇储备的相应变动完全配合。 |
| 3. | The purchase of the bonds issued by the government through the creation of money - the monetisation of budget deficits - is against the monetary rule and undermines confidence in the hong kong dollar
这正是支持对港元的信心的货币规则。藉创造货币购买政府发行的债券即将财政赤字货币化有违货币规则，会动摇对港元的信心。 |
| 4. | We now have one of the most transparent monetary systems in the world , with almost real time public monitoring of how it is being operated strictly in accordance with the monetary rule that characterises the system
目前本港货币制度的透明度是全球最高之一，公众人士亦可几乎即时地监察货币制度在严格遵守货币发行局制度下的运作。 |
| 5. | As we all know , in a currency board system , the monetary rule is for the monetary base , denominated of course in the domestic currency , to be changed only with a corresponding change in the foreign reserves fully backing the monetary base
大家都知道，在货币发行局制度中，货币规则规定以本地货币为单位的货币基础的变动，必须由外汇储备的相应变动来配合。 |
| 6. | This requires that the banks operate clearing accounts with the currency board and that the aggregate of the balances in their clearing accounts forms the crucial part of the monetary base which is subject to the monetary rule of the currency board , he said
为此，银行必须在货币发行局设立结算帐户，而银行结算帐户合共的结馀总额便构成货币基础的重要部分，而货币基础本身须符合货币发行局的货币规定。 |
| 7. | But , through adopting currency board arrangements , we have committed ourselves to creating money hong kong dollars and increasing the aggregate balance , the crucial element of the monetary base , only through the purchase of us dollars and to doing so transparently , with information disclosed real - time . this is the monetary rule that underpins the confidence in the hong kong dollar
不过，透过实施货币发行局制度，我们表明了坚定的立场：只会藉购入美元创造货币即港元及扩大总结馀即货币基础的关键元素，并会以具透明度的方式进行，即时公布有关资料。 |
