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CFA一级
包含CFA一级传统在线课程、通关课程及试题相关提问答疑;
老师,请问这道题怎么做? Assume interest rate parity holds, the greater the extent to which a foreign interest rate exceeds the UK pound interest rate, then the: A.Larger will be the forward discount of the foreign currency on the pound B.Larger will be the forward premium of the foreign currency on the pound C.smaller will be the forward premium of the foreign currency on the pound D.smaller will be the forward discount of the foreign currency on the pound
已回答老师,这道题我不会做。答案是选A吗? The spot rate for the US dollar versus the Australian dollar is AUD 1.8685-95 and the three-month forward points are quoted as 2.52-2.55 Australian cents. The difference between the spot and forward rates means that: A.interest rates should be higher for Australian dollars than for US dollars B.the Australian dollar will rise against the US dollar C.the Australian dollar will fall in value relative to the US dollar D.three-month interest rates should be higher for US dollars than for Australian dollars
已回答精品问答
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- 对于老师讲的这部分,1. 我理解FRA的Payoff始终等于利率期货的Payoff部分进行折现(除以1个大于1的数),也就是说,FRA的Payoff的变动幅度 应该 始终小于利率期货的变动幅度。2. 至于是涨多跌少,还是涨少跌多,其实MRR在分母上,可以根据1/x的曲线特点来理解,无非就是MRR上升时1/(1+MRR)的变动幅度 小于 MRR下降时1/(1+MRR)的变动幅度,所以如果MRR上升时,Payoff是上升的,那么就是涨少跌多,如果MRR上升时,Payoff是下降的,那就是涨多跌少。以上2点,我理解的对吗?






