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The Hong Kong Monetary Authority was forced to step into the currency markets again yesterday as the Hong Kong dollar hit the limit of its trading band against its US counterpart.
香港金融管理局(HKMA)昨日被迫再度干预汇市，原因是港元兑美元汇率触及交易区间的上限。
The city’s de facto central bank has now intervened to the tune of US$2.6bn in the past week to weaken its currency, as money from around the world continues to pour into Asia.
香港实际上的央行在过去一周已投入大约26亿美元压低港元汇率。目前来自世界各地的资金继续涌入亚洲。
The strength of the Hong Kong dollar has coincided with a pick-up in Chinese growth indicators, and a rally in the Hong Kong stock market.
港元走强之际，中国经济指标出现起色，香港股市也出现一轮涨势。
Investor appetite for Asian assets has risen sharply since the Federal Reserve announced its latest round of quantitative easing in September, prompting currency appreciation in emerging markets across the region.
自美联储(Federal Reserve) 9月份宣布实行最新一轮量化宽松以来，投资者对亚洲资产的偏好大幅上升，推动该地区新兴市场货币升值。
The Hong Kong dollar is pegged to the US dollar at HK$7.80. The HKMA must take action if the currency hits the upper or lower end of its trading band of HK$7.75 to HK$7.85.
港元汇率盯住美元，1美元兑7.80港元。若港元汇率触及1美元兑7.75至7.85港元这个交易区间的上限或下限，香港金管局都必须采取行动。
In mid-October, it was forced to intervene to maintain the peg for the first time since December 2009. By the end of the month it had acted five separate times and since its first move this year it has sold more than HK$50bn (US$6.5bn) in multiple interventions, according to HKMA and Reuters data.
10月中旬，香港金管局被迫采取自2009年12月以来的首次干预行动，以捍卫联系汇率制度。根据香港金管局和路透社(Reuters )数据，到10月底，该局已先后5次干预汇市，自今年首次采取行动以来，该局已在多次干预中售出500亿港元（合65亿美元）。
“The HKMA’s ability to defend the peg by preventing strength is unlimited. It can easily intervene indefinitely, said Donna Kwok, greater China economist at HSBC, adding that the need for further action would depend on “whether investors continue to be as positive on emerging Asia.
“香港金管局通过阻止港元走强来捍卫联系汇率制度的能力是无限的。它能够轻松地一直干预下去，汇丰(HSBC)大中华区经济学家郭浩庄(Donna Kwok)表示。她补充说，采取进一步行动的必要性将取决于“投资者是否继续看好亚洲新兴市场。
The Hang Seng – the city’s benchmark index, which includes Hong Kong and mainland Chinese companies – has risen 16 per cent since the start of September as foreign investors placed bets on a Chinese recovery.
随着外国投资者押注中国经济复苏，香港基准股指、成份股包括香港和中国内地企业的恒生指数(Hang Seng)，自9月初以来已上涨16%。
Yesterday, the index rose a further 2.2 per cent to reach its highest level in more than a year.
昨日，该指数进一步上升 2.2%，达到一年多来最高位。
A number of other Asian currencies have also experienced upward pressure. In the past six months, many emerging market currencies in the region have strengthened considerably against the US dollar, including the South Korean won and the Philippine peso, which have risen 9.1 per cent and 6.5 per cent respectively.
其它多种亚洲货币近期也承受着上行压力。过去6个月期间，亚洲多种新兴市场货币兑美元汇率显著上升，其中韩元和菲律宾比索分别上升9.1%和6.5%。
Perceived havens, such as Australia and New Zealand, have experienced relatively fast currency appreciation.
作为人们眼中的避风港，澳大利亚和新西兰的货币出现相对较快的升值。
Hong Kong’s own currency regime has come under fire in recent years, with some believing low interest rates imported from the US have fuelled inflation and asset bubbles.
香港的汇率制度近年遭到抨击，一些人相信，从美国引入的低利率加剧了通胀和资产泡沫。
The Hong Kong government recently introduced new taxes on property purchases to deter speculative investment by foreigners.
香港政府近期出台了针对房地产购买的新税，以遏制非本地人士的投机行为。
But Ms Kwok said that the argument that the peg creates price rises was “flawed and that house price rises and inflation rates were comparable in other parts of Asia without a fixed exchange rate.
但郭浩庄表示，联系汇率制度带来价格上涨这个论点是“有缺陷的，香港的房价上涨和通胀率与亚洲其它经济体相仿，而那些经济体并未实行固定汇率。
The Hong Kong Monetary Authority was forced to step into the currency markets again yesterday as the Hong Kong dollar hit the limit of its trading band against its US counterpart.
香港金融管理局(HKMA)昨日被迫再度干预汇市，原因是港元兑美元汇率触及交易区间的上限。
The city’s de facto central bank has now intervened to the tune of US$2.6bn in the past week to weaken its currency, as money from around the world continues to pour into Asia.
香港实际上的央行在过去一周已投入大约26亿美元压低港元汇率。目前来自世界各地的资金继续涌入亚洲。
The strength of the Hong Kong dollar has coincided with a pick-up in Chinese growth indicators, and a rally in the Hong Kong stock market.
港元走强之际，中国经济指标出现起色，香港股市也出现一轮涨势。
Investor appetite for Asian assets has risen sharply since the Federal Reserve announced its latest round of quantitative easing in September, prompting currency appreciation in emerging markets across the region.
自美联储(Federal Reserve) 9月份宣布实行最新一轮量化宽松以来，投资者对亚洲资产的偏好大幅上升，推动该地区新兴市场货币升值。
The Hong Kong dollar is pegged to the US dollar at HK$7.80. The HKMA must take action if the currency hits the upper or lower end of its trading band of HK$7.75 to HK$7.85.
港元汇率盯住美元，1美元兑7.80港元。若港元汇率触及1美元兑7.75至7.85港元这个交易区间的上限或下限，香港金管局都必须采取行动。
In mid-October, it was forced to intervene to maintain the peg for the first time since December 2009. By the end of the month it had acted five separate times and since its first move this year it has sold more than HK$50bn (US$6.5bn) in multiple interventions, according to HKMA and Reuters data.
10月中旬，香港金管局被迫采取自2009年12月以来的首次干预行动，以捍卫联系汇率制度。根据香港金管局和路透社(Reuters )数据，到10月底，该局已先后5次干预汇市，自今年首次采取行动以来，该局已在多次干预中售出500亿港元（合65亿美元）。
“The HKMA’s ability to defend the peg by preventing strength is unlimited. It can easily intervene indefinitely, said Donna Kwok, greater China economist at HSBC, adding that the need for further action would depend on “whether investors continue to be as positive on emerging Asia.
“香港金管局通过阻止港元走强来捍卫联系汇率制度的能力是无限的。它能够轻松地一直干预下去，汇丰(HSBC)大中华区经济学家郭浩庄(Donna Kwok)表示。她补充说，采取进一步行动的必要性将取决于“投资者是否继续看好亚洲新兴市场。
The Hang Seng – the city’s benchmark index, which includes Hong Kong and mainland Chinese companies – has risen 16 per cent since the start of September as foreign investors placed bets on a Chinese recovery.
随着外国投资者押注中国经济复苏，香港基准股指、成份股包括香港和中国内地企业的恒生指数(Hang Seng)，自9月初以来已上涨16%。
Yesterday, the index rose a further 2.2 per cent to reach its highest level in more than a year.
昨日，该指数进一步上升 2.2%，达到一年多来最高位。
A number of other Asian currencies have also experienced upward pressure. In the past six months, many emerging market currencies in the region have strengthened considerably against the US dollar, including the South Korean won and the Philippine peso, which have risen 9.1 per cent and 6.5 per cent respectively.
其它多种亚洲货币近期也承受着上行压力。过去6个月期间，亚洲多种新兴市场货币兑美元汇率显著上升，其中韩元和菲律宾比索分别上升9.1%和6.5%。
Perceived havens, such as Australia and New Zealand, have experienced relatively fast currency appreciation.
作为人们眼中的避风港，澳大利亚和新西兰的货币出现相对较快的升值。
Hong Kong’s own currency regime has come under fire in recent years, with some believing low interest rates imported from the US have fuelled inflation and asset bubbles.
香港的汇率制度近年遭到抨击，一些人相信，从美国引入的低利率加剧了通胀和资产泡沫。
The Hong Kong government recently introduced new taxes on property purchases to deter speculative investment by foreigners.
香港政府近期出台了针对房地产购买的新税，以遏制非本地人士的投机行为。
But Ms Kwok said that the argument that the peg creates price rises was “flawed and that house price rises and inflation rates were comparable in other parts of Asia without a fixed exchange rate.
但郭浩庄表示，联系汇率制度带来价格上涨这个论点是“有缺陷的，香港的房价上涨和通胀率与亚洲其它经济体相仿，而那些经济体并未实行固定汇率。
