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NO.PZ201601050100000101 问题如下 1. Analyze the movement of the USagainst the foreign currenfor Portfolio Justify your choice. Justification The 19.5% mestic-currenreturn for Portfolio A is higher ththe 15% foreign-currenportfolio return in GBP; therefore, the USnecessarily preciaterelative to the GBP. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thin the RFX expression the mestic curren — the USin this case — is the pricurrency.) Solving for RFX: (1 + 15%)(1 + RFX) – 1 = 19.50%; RFX = 3.91% Thus, the USpreciaterelative to the GBP. This, the Gappreciateagainst the USbecause RFX is quotein terms of USGBP, with the USthe pricurrenanGthe base currency, anin this example RFX is a positive number (3.91%).中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC )(1 + RFX ) – 1根据题干信息可知，R=19.5%,Rfc=15%，根据公式R = (1 + RFC)(1 + RFX) – 1 得到Rfx是大于0的，具体数值是3.91%，其中Rfx的汇率表达形式是本币/外币即USGBP，因此Rfx大于0，意味着GBP升值，对应的就是US值。 这道题一定要算出具体数值吗？我的回答如下没有列出公式，请问是否可以》USrelative to foreign-currenis preciateThe return of portfolio A is containe2 returns, return of foreign-currenportfolio anreturn of foreign currenexchange rate. Because the return of portfolio A is 19.5%, whiis higher ththe return of foreign-currenportfolio. Thus, the return of foreign currenexchange rate is positive, whimeans the foreign curren(GBP) appreciates anthe mestic curren(US preciates.

NO.PZ201601050100000101 问题如下 1. Analyze the movement of the USagainst the foreign currenfor Portfolio Justify your choice. Justification The 19.5% mestic-currenreturn for Portfolio A is higher ththe 15% foreign-currenportfolio return in GBP; therefore, the USnecessarily preciaterelative to the GBP. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thin the RFX expression the mestic curren — the USin this case — is the pricurrency.) Solving for RFX: (1 + 15%)(1 + RFX) – 1 = 19.50%; RFX = 3.91% Thus, the USpreciaterelative to the GBP. This, the Gappreciateagainst the USbecause RFX is quotein terms of USGBP, with the USthe pricurrenanGthe base currency, anin this example RFX is a positive number (3.91%).中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC )(1 + RFX ) – 1根据题干信息可知，R=19.5%,Rfc=15%，根据公式R = (1 + RFC)(1 + RFX) – 1 得到Rfx是大于0的，具体数值是3.91%，其中Rfx的汇率表达形式是本币/外币即USGBP，因此Rfx大于0，意味着GBP升值，对应的就是US值。 根据这句话”Portfolio A anPortfolio B are managein the UniteStates anperformanis measurein terms of the US ll(US. Portfolio A consists of British poun(GBP) nominatebon anPortfolio B hol euro (EUR) nominatebon\"，得出了/FC是USGor EUR，请问对吗？又根据题目USagainst GBP得到题目的格式是GBP/US请问against前面是base currency，against后是pricing currency，格式是pricing currency/base currency这个结论通用吗？

NO.PZ201601050100000101 问题如下 1. Analyze the movement of the USagainst the foreign currenfor Portfolio Justify your choice. Justification The 19.5% mestic-currenreturn for Portfolio A is higher ththe 15% foreign-currenportfolio return in GBP; therefore, the USnecessarily preciaterelative to the GBP. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thin the RFX expression the mestic curren — the USin this case — is the pricurrency.) Solving for RFX: (1 + 15%)(1 + RFX) – 1 = 19.50%; RFX = 3.91% Thus, the USpreciaterelative to the GBP. This, the Gappreciateagainst the USbecause RFX is quotein terms of USGBP, with the USthe pricurrenanGthe base currency, anin this example RFX is a positive number (3.91%).中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC )(1 + RFX ) – 1根据题干信息可知，R=19.5%,Rfc=15%，根据公式R = (1 + RFC)(1 + RFX) – 1 得到Rfx是大于0的，具体数值是3.91%，其中Rfx的汇率表达形式是本币/外币即USGBP，因此Rfx大于0，意味着GBP升值，对应的就是US值。 19.5%=（1+0.15）x（1+R(FX1)）-1R(FX1)=3.91%USis preciateagainst GBP因为我自己心里知道谁是pricing 谁是base ，有必要一定描述下吗？

NO.PZ201601050100000101问题如下 1. Analyze the movement of the USagainst the foreign currenfor Portfolio Justify your choice. Justification The 19.5% mestic-currenreturn for Portfolio A is higher ththe 15% foreign-currenportfolio return in GBP; therefore, the USnecessarily preciaterelative to the GBP. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thin the RFX expression the mestic curren — the USin this case — is the pricurrency.) Solving for RFX: (1 + 15%)(1 + RFX) – 1 = 19.50%; RFX = 3.91% Thus, the USpreciaterelative to the GBP. This, the Gappreciateagainst the USbecause RFX is quotein terms of USGBP, with the USthe pricurrenanGthe base currency, anin this example RFX is a positive number (3.91%).中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC )(1 + RFX ) – 1根据题干信息可知，R=19.5%,Rfc=15%，根据公式R = (1 + RFC)(1 + RFX) – 1 得到Rfx是大于0的，具体数值是3.91%，其中Rfx的汇率表达形式是本币/外币即USGBP，因此Rfx大于0，意味着GBP升值，对应的就是US值。 rA/rB大于1，F/S大于1，所以GBP升值，可以这样回答吗