开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

Mahoosive · 2023年01月10日

想请问，题目中提到的“raise CNY loans”和“issue USD bond”的位置我画的是对的吗？

  1. CFA III
  2. Derivative

NO.PZ2018113001000038

问题如下：

A US company needs to raise CNY20 million because it is planning an expansion into China. It wants to issue dollar-denominated bonds and converts the dollars to Chinese yuan by using a three-year currency swap with annual payments. Spot rate is 7 CNY/USD, the swap rate of US dollars is 2% and the swap rate of Chinese yuan is 3%. The US company pays (in millions):

选项：

A.

interest in CNY of 0.6 million and receives interest in USD of 0.045 million

B.

interest in CNY of 0.6 million and receives interest in USD of 0.057 million

C.

interest in USD of 0.057 million and receives interest in CNY of 0.6 million

解释：

B is correct.

考点：currency swap改变loan币种

解析：

期初交换本金：收到人民币本金=20 million，支付美元本金=20/7=2.8571 million

期间交换利息：支付人民币利息=20*0.03=0.6million，收到美元利息=2.8571*0.02=0.057milion

如题，想知道下图里这两笔的位置对吗？



添加评论
1 个答案
已采纳答案

Hertz_品职助教 · 2023年01月10日

嗨，努力学习的PZer你好：


同学你好

期初这里哈：

正如我红黄线圈出来的地方，如果同学的意思是红线代表的是这个美国公司通过互换拿到人民币在中国市场扩张产业而发生的支出，那么这个箭头是没有问题的；

同理，黄线箭头是美国公司发行美国债券融资得到美元，用来在互换中交换人民币，那么这里的箭头也是没有问题的。

期间这里：

注意两个蓝线圈出来的数字是有问题的，因为题干说了美元是2%，人民币是3%。同学这里标反了哈，其他是没有问题的哦。

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 274

    浏览
相关问题

NO.PZ2018113001000038问题如下 A US company nee to raise CNY20 million because it is planning expansion into ChinIt wants to issue llar-nominatebon anconverts the llars to Chinese yuusing a three-yecurrenswwith annupayments. Spot rate is 7 CNY/US the swrate of US llars is 2% anthe swrate of Chinese yuis 3%. The US company pays (in millions): A.interest in CNY of 0.6 million anreceives interest in USof 0.045 millionB.interest in CNY of 0.6 million anreceives interest in USof 0.057 millionC.interest in USof 0.057 million anreceives interest in CNY of 0.6 million B is correct.考点currenswap改变loan币种解析期初交换本金收到人民币本金=20 million，支付美元本金=20/7=2.8571 million期间交换利息支付人民币利息=20*0.03=0.6million，收到美元利息=2.8571*0.02=0.057milion 题目说是三年的swap啊

2023-05-21 16:33 1 · 回答

NO.PZ2018113001000038 问题如下 A US company nee to raise CNY20 million because it is planning expansion into ChinIt wants to issue llar-nominatebon anconverts the llars to Chinese yuusing a three-yecurrenswwith annupayments. Spot rate is 7 CNY/US the swrate of US llars is 2% anthe swrate of Chinese yuis 3%. The US company pays (in millions): A.interest in CNY of 0.6 million anreceives interest in USof 0.045 million B.interest in CNY of 0.6 million anreceives interest in USof 0.057 million C.interest in USof 0.057 million anreceives interest in CNY of 0.6 million B is correct.考点currenswap改变loan币种解析期初交换本金收到人民币本金=20 million，支付美元本金=20/7=2.8571 million期间交换利息支付人民币利息=20*0.03=0.6million，收到美元利息=2.8571*0.02=0.057milion 期初 issue llar-nominatebon 难道不是收到 US借款嘛？ 然后把收到的US借款 sw成CNY所以期中是要付这个USbon的利息

2023-05-10 05:02 1 · 回答

NO.PZ2018113001000038问题如下A US company nee to raise ￥20 million because it is planning expansion into ChinIt wants to issue llar-nominatebon anconverts the llars to Chinese yuusing a three-yecurrenswwith annupayments. Spot rate is 7 RMB/UA the swrate of US llars is 2% anthe swrate of Chinese yuis 3%. The US company pays (in millions):A.interest in RMB of 0.6 million anreceives interest in USof 0.045 millionB.interest in RMB of 0.6 million anreceives interest in USof 0.057 millionC.interest in USof 0.057 million anreceives interest in RMB of 0.6 millionB is correct.考点currenswap改变loan币种解析期初交换本金收到人民币本金=20 million，支付美元本金=20/7=2.8571 million期间交换利息支付人民币利息=20*0.03=0.6million，收到美元利息=2.8571*0.02=0.057milion同学你好~其实加上或者减去basis都可以的哈为什么这么说呢？是因为题目本身只是告诉我们basis是跟着非美元一端的，所以只要在非美元一端的利率上加上一个basis就可以啦。但是注意加上的这个basis其实是可正可负的。所以即便我们说非美元一端是减去一个basis，也不影响它是可正可负的这个性质的。这里题目作为一个非常开放的主观题，所以答案只是一种常见的表达方式，实质上加上或者减去basis都可以哒

2022-05-18 11:16 1 · 回答

NO.PZ2018113001000038 interest in RMB of 0.6 million anreceives interest in USof 0.057 million interest in USof 0.057 million anreceives interest in RMB of 0.6 million B is correct. 考点currenswap改变loan币种 解析 期初交换本金收到人民币本金=20 million，支付美元本金=20/7=2.8571 million 期间交换利息支付人民币利息=20*0.03=0.6million，收到美元利息=2.8571*0.02=0.057milion 老师，我的思路如下，得到的是C，哪里错啦？

2022-05-16 11:39 1 · 回答