NO.PZ2018062007000030
问题如下：
When interest rates and futures prices are negatively correlated, futures prices will be:
选项：
A.
lower than forwards.
B.
the same as forwards
C.
higher than forwards.
解释：
A is correct.
If futures prices and interest rates are negatively correlated, the futures prices increase as interest rates decrease, which lead to long position receives cash earlier and reinvests it at lower rate. Under this situation, investors prefer forward contracts because all profits are received at the end of contract, therefore forward price is higher.
当期货合约价格与利率负相关时，其每日结算出的收益通过再投资获得的收益要小于远期，因而期货价格会略低。
这道题没有特别说明头寸,是不是默认long
