| 1. | Reserve requirements as a liquidity buffer
以储备比率规定作为流动资金的缓冲工具 |
| 2. | Reserve ratio requirement
储备比率规定 |
| 3. | Members observed , however , that there were a number of analytical and practical problems associated with the use of reserve requirements for liquidity management
然而，委员会成员获悉以储备比率规定作为流动资金管理的工具，将会涉及一些分析及实际的问题。 |
| 4. | The sub - committee considered a paper setting out the arguments for and against using reserve requirements as a tool for reducing interest rate volatility in hong kong
委员会审议了一份讨论文件，其内容是探讨以储备比率规定作为减少香港利率波动的工具的利弊。 |
| 5. | As a result , the extent to which reserve requirements could effectively act as a liquidity buffer would decline during the period , thus risking additional interest rate volatility , particularly near the end of the period
因此，储备比率规定可作流动资金缓冲的效能在储备维持期内逐渐下降，尤其在接近期末时更会令利率波幅扩大。 |
| 6. | Members noted that a second problem arose from the fact that reserve requirements would be , in effect , a substantial tax on the banking system : this could well undermine hong kongs competitiveness as an international financial centre
委员会成员获悉储备比率规定的第二个问题，就是该规定变相对银行体系开徵一项重大的税项，因而影响香港作为国际金融中心的竞争能力。 |
| 7. | Thirdly , members observed that the increasing globalisation of financial markets and financial innovation had made it much easier for banks to circumvent reserve requirements in jurisdictions where reserve requirements were still imposed
第三，委员会成员注意到由于金融市场日渐全球化及金融产品不断创新，在仍然实施储备比率规定的地区内银行更易于回避储备比率的规定。 |
| 8. | 7 . members noted that reserve requirements , even if set at a quite modest percentage of bank deposits , would add substantially to the aggregate balance , thus expanding the liquidity buffer available for reducing interest rate volatility
委员会成员获悉储备比率规定即使规定银行只须按其持有的存款额保持较低百分比的储备资产将会显著提高总结馀，因而增强可用作缓冲的流动资金，减少利率的波动。 |
| 9. | 9 . the sub - committee concluded that , since the practical difficulties considerably outweighed any benefits , reserve requirements were not appropriate as a liquidity buffer for hong kong , particularly in view of the fact that the current system was working well
委员会总结认为，由于储备比率规定涉及的实际困难远远多于可能带来的效益，加上现有机制行之有效，因此实施这项规定以作为流动资金的缓冲并不适合香港。 |
| 10. | First , in order for reserve requirements to work effectively as a flexible buffer , an averaging provision would be necessary to enable the requirements to be met on average over a specified maintenance period : this arrangement might well add to interest rate volatility under certain conditions by encouraging banks to over - or under - react to market movements that changed expectations about the overnight interest rate
首先，为使储备比率规定能发挥灵活有效的缓冲作用，必须制定一项平均储备要求，使储备比率在指定的储备维持期平均达到要求。但这项安排可能在某些情况下会使银行对市场动向作出过度或不足的反应，影响隔夜息率的预期，最终反而增加利率波动。 |
