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negative interest 倒利息〔自利息扣除的金額〕;逆利率〔存款利率減除通貨膨脹...

negative option

There may be circumstances in which some mopping up of inter - bank liquidity through the exceptional issue of exchange fund paper would be desirable . there may also be circumstances in which negative interest rates could become justifiable , if only for the purpose of underlining the government s determination to maintain the linked exchange rate system 有些情況可能需要特別增發外匯基金票據及債券,以吸收部分銀行同業流動資金有些情況可能需要實施負利率,例如是為了強調政府維持聯匯制度的信心。

The clear determination , of both the government and the hong kong association of banks , to adhere to the linked exchange rate , to the extent of actually putting in place a framework for imposing deposit charges negative interest rates , had there been a need to do so , did the trick 當時政府及香港銀行公會的立場明確,就是在有需要時會不惜向存戶徵收費用亦即是實行負利率,以貫徹遵守聯系匯率,結果收到了預期效果。

But some have expressed reservations in this , which amounts to the imposition of negative interest rates , in view of their unfair impact on the smaller depositors if the banks were to pass them on 但有些人對此持保留態度,因為這會引致出現徵收負利率的現象,而銀行若將成本轉嫁予存戶,小額存戶便會受到不公平對待。

Mr yam said that whether banks would pass on such charges , which amounted to the imposition of negative interest rates , to the small depositors or not was a commercial decision for each bank to take 任志剛說銀行會否將成本轉嫁,向小額存戶徵收負利率,是個別銀行的商業決定。不過,他認為銀行沒有理由這樣做。

A much more effective safeguard is to use the mechanism of negative interest rate and to build up a asian monetary network with other economies in the asian pacific region 維護港元,三數千億儲備便顯得微不足道,倒不如以負利率來作武器,以及與其他亞太區貨幣聯網,來得實惠。

And without the hkma operating the clearing system , any negative interest rates would have had to be promulgated through rules made by the hong kong association of banks 再者,由于結算系統不是由金管局營運,即使推行負利率也必須透過香港銀行公會制定規則來實施。

Then , the only mechanisms for dealing with the substantial inflow of funds into the hong kong dollar were exchange market intervention and the threat of negative interest rates 當時若有大量資金流入港元,應付方法就只有干預匯市及實施負利率。