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.

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。

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But anything spent on the card will be charged at the customer's normal rate, and any money paid towards the bill will go to clearing the transferred balance first.

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The latest released minutes of the Exchange Fund Advisory Committee reveal that the panel rejected a proposal to dollarize the "aggregate balance" or the total of the clearing accounts banks maintain with the Monetary Authority, the de facto central bank.

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The authorities have also had to resort to quantitative easing, using the balance-sheets of central banks to ensure the funding of clearing banks and to keep the lid on bond yields.

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