Annual Report 2013-14
年報
103
財務報表附註
（續）
Notes to the Financial Statements
(continued)
22.
金融風險管理
（續）
Financial risk management
(continued)
(iv)
利率風險
Interest rate risk
利率風險指因市場利率變動而引致虧損的風險。利率風險可進一步分為公平值利率風險及現金流
量利率風險。
Interest rate risk refers to the risk of loss arising from changes in market interest rates. This can be
further classified into fair value interest rate risk and cash flow interest rate risk.
公平值利率風險指金融工具的公平值會因市場利率變動而波動的風險。由於土地註冊處營運基金
的持至期滿的證劵及銀行存款為定息金融工具，當市場利率上升，這些金融工具的公平值便會下
跌。然而，由於上述金融資產均按攤銷成本值列示，市場利率的變動不會影響相關帳面值及土地
註冊處營運基金的盈利和儲備。
Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate
because of changes in market interest rates. Since the LRTF’s held-to-maturity securities and bank
deposits bear interest at fixed rates, their fair values will fall when market interest rates increase.
However, as all these financial assets are stated at amortised cost, changes in market interest rates
will not affect their carrying amounts and the LRTF’s profit and reserves.
現金流量利率風險指金融工具的未來現金流量會因市場利率變動而波動的風險。土地註冊處營運
基金無須面對重大的現金流量利率風險，因為其持有的主要金融工具都不是浮息金融工具。
Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The LRTF is not exposed to material cash flow
interest rate risk because it has no major financial instruments bearing interest at a floating rate.
(v)
貨幣風險
Currency risk
貨幣風險指金融工具的公平值或未來現金流量會因匯率變動而波動的風險。
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates.
土地註冊處營運基金的一般業務交易是以港元為單位，因而不會引致貨幣風險。
The LRTF’s normal business transactions are denominated in Hong Kong dollars and therefore do
not give rise to currency risk.
至於以美元為單位的投資，基於港元與美元掛鈎，土地註冊處營運基金的貨幣風險甚低。
In respect of investments denominated in United States dollars, owing to the linked exchange rate
of the Hong Kong dollar to the United States dollar, the LRTF has a very low level of currency risk.
