当人民币也盯紧美元时，由货币发行局支持的港元货币紧盯政策相得益彰。
Its dollar peg, backed by a currency board, made perfect sense when the yuan was also tied to the greenback.
阿根廷爆发的金融危机再次引起人们对货币发行局制度的宏观经济效应的关注。
Recently the Argentina Financial Crisis caused the world to focus the attention on the macroeconomic effect of currency board system.
因此，货币基础中银行体系结算余额的部分，最初并不受货币发行局制度约束。
Thus that part of the monetary base represented by the clearing balance of the banking system was initially not subject to the discipline imposed by a currency board system.
金管局的政策力求高度透明，使金融界和广大市民能充分了解货币发行局的运作情况。
The HKMA pursues a policy of transparency to ensure that the financial industry and the wider public are fully informed of the currency board operations.
我们会在不干扰货币发行局的正常运作情况下，继续寻求可以增加银行流动资金的方法。
Without interfering with the normal operation of the currency board, we will continue to look for whatever means and ways to improve the liquidity of our banking system.
委员会研究了双向兑换保证理论上的好处，也获悉多个其他货币发行局制度也有这种承诺。
Members examined the possible theoretical advantages of a two-way Convertibility undertaking and noted that a number of other Currency Board systems had such an undertaking in place.
为此，金管局即时公布总结余数字及因货币发行局的外汇交易而引起总结余变动的预测数字。
To this end, the Aggregate Balance and forecast changes to the Aggregate Balance attributable to the currency board's foreign exchange transactions are disclosed on a real time basis.
委员会又建议有关利率掉期合约应付或应收利息净额以及重估收益或亏损应包括在货币发行局帐目内。
The Sub-Committee also recommended that the net interest payable or receivable and revaluation gains or losses on interest rate swaps should be included in the Currency Board Account.
此外，金融管理局正研究多项建议，进一步加强我们现有的货币发行局的制度，使港元不易被人操控。
Additionally, the Hong Kong Monetary Authority is developing a number of proposals to further strengthen our existing currency board arrangements to make it less susceptible to currency manipulation.
外汇和货币市场保持稳定，部分原因是1998年九月推出多项强化货币发行局制度的技术性措施奏效所致。
The stable foreign exchange and money market conditions reflected in part the successful implementation of the technical measures to improve the currency board system in September 1998.
这一机制跟今天的货币发行局作用相同，这也是为什么我说金本位制度就像是一个“与黄金挂钩的货币发行局”。
This is a mechanism identical to today's currency boards, which is why I say that a gold standard system is like a "currency board linked to gold.
至于现时有待我们处理及研究的课题就是：在货币发行局规则下该三个主要组成部分与美元的可兑换性，以及三者之间互相转换的问题。
The convertibility of each of the three components into US dollars, in accordance with the requirement of a Currency Board, and the transferability amongst them are the issues at hand.
有必要建立新的货币局发行新的货币，使其至少在当下与南非兰特挂钩。
A currency board may need to be set up, with a new currency probably pegged, at least at first, to the South African rand.
有必要建立新的货币局发行新的货币，使其至少在当下与南非兰特挂钩。
A currency board may need to be set up, with a new currency probably pegged, at least at first, to the South African rand.
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