5我记得不是这个公式 上面就是v- -v

GTF是啥

老师，这个题目好奇怪，不是说revaluation不能超过原值嘛，那题干说以前年度没发生过减值，那这样的gain不就是超过原值了嘛？这是怎么回事？

请问第5题为什么选C不选B呢？谢谢

老师请问书本225页第二十三题答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.这里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.这段不太明白是什么意思？

老师，请问能否详细讲解一下书本223页第二十题，不太理解是什么意思？

第一题，通过乘乘除除算出来的是cad比British ，为什么答案里还要再倒数，去求apprecaition?(我把base currency弄饭了么？)麻烦您帮我讲下。第二题，例如''A里的against怎么理解? 哪个是基准哪个是标价货币 谢谢

还有对衍生品，我理解不深刻，例如签订FRA，LONG的一方，多头方，将来可以以固定利率借款，收到浮动利率。这里签订未来固定利率，锁定它，给固定利息容易理解，那为什么还收浮动利率利息呢，我来借钱，怕利率涨了，就签一个未来固定利率 那我就未来给固定利息就完事了，还收什么利息呢，有钱收利息，我还借什么钱呢，同理对于空头方。

老师，请问书本222页第十九题，cordor structure中，long和short的所有节点money duration都相同的吗？那butterfly和曲线直线的呢？这道题和第十一题是不是一样？能否详细讲解一下这两道题是什么意思？有些不太清楚？

在利率互换中，如何将支出固定，收取浮动？