Our experience in the past 18 months suggests that the Aggregate Balance has been slow to adjust even with the exchange rate drifting to very near the weak-side Convertibility Undertaking.

• 我们在过去18个月所汲取的经验显示,即使市场汇率几乎达到弱方兑换保证汇率的水平,总结馀都没有即时作出调整。