不好意思，没看懂答案，能否画图并且解释一下

NO.PZ202208160100000201问题如下Baseon the ta in Exhibit 1, if a aler quotea bioffer rate of CHF1.0741/EUR1.0746, then a profitable triangularbitrage woulmost likely involve buying EUR1 from the aler anthen selling it in the interbank market for a profit of:A.CHF0.0005.B.CHF0.0008.C.CHF0.0007. SolutionA is correct. Calculate the CHF/EUR bioffer cross rate impliethe interbank market using the equation CHF/EUR = (USCHF)–1 × USEUR = CHF/US× USEUR. The equation shows thwe have to invert the USCHF bioffer quotes to get the CHF/USbioffer quotes.First, given the USCHF quotes of 1.0453/1.0456, take the inverse of eaaninterchange the bianoffer, suththe CHF/USquotes are (1/1.0456)/(11.0453) = 0.95639/0.95666 = 0.9564/0.9567. Then multiply the CHF/USanUSEUR bioffer quotes:Bi 0.9564 × 1.1241 = 1.07509 = 1.0751Offer: 0.9567 × 1.1243 = 1.07562 = 1.0756Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0751/1.0756.The aler is posting offer rate to sell the EUR a rate below the interbank birate. Thus, triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0751 (bi for a profit of CHF0.0005 (1.0751 – 1.0746) per EUR.B is incorrect. It erroneously inverts the USCHF quotes but es not interchange the bianoffer anthus incorrectly calculates the interbank market cross rate.Bi 0.9567 × 1.1241 = 1.07543 = 1.0754Offer: 0.9564 × 1.1243 = 1.07528 = 1.0753Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0754/1.0753. (Note ththe biis higher ththe offer.)Triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0754 (bi for a profit of CHF0.0008 (1.0754 – 1.0746) per EUR.C is incorrect. It erroneously inverts the USCHF quotes but incorrectly calculates the interbank market cross-rate mixing up the cross bi anoffers.Bi 0.9564 × 1.1243 = 1.07528 = 1.0753Offer: 0.9567 × 1.1241 = 1.07543 = 1.0754Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0753/1.0754.Triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0753 (bi for a profit of CHF0.0007 (1.0753 – 1.0746) per EUR. 中文解析A是正确的。使用公式CHF/EUR = (USCHF) -1 × USEUR = CHF/US× USEUR计算银行间市场隐含的CHF/EUR买卖交叉利率。公式表明，我们必须反转美元/瑞士法郎的买卖报价才能得到瑞士法郎/美元的买卖报价。首先，假设美元/瑞郎的报价为1.0453/1.0456，取两者的逆并交换买入价和卖出价，这样瑞郎/美元的报价为(1/1.0456)/(11.0453)= 0.95639/0.95666 = 0.9564/0.9567。然后乘以瑞士法郎/美元和美元/欧元的买卖报价:竞价:0.9564 × 1.1241 = 1.07509 = 1.0751卖出价:0.9567 × 1.1243 = 1.07562 = 1.0756因此，银行间市场隐含的瑞郎/欧元交叉利率为1.0751/1.0756。交易商以低于银行间买入价的价格卖出欧元。因此，三角套利将涉及以1.0746(卖出价)向交易商买入欧元，并以1.0751(买入价)在银行间市场卖出欧元，每欧元获利0.0005瑞郎(1.0751 - 1.0746)。B不正确。它错误地反转了美元/瑞士法郎的报价，但没有交换买入价和卖出价，因此错误地计算了银行间市场交叉利率。竞价:0.9567 × 1.1241 = 1.07543 = 1.0754卖出价:0.9564 × 1.1243 = 1.07528 = 1.0753因此，银行间市场隐含的瑞郎/欧元交叉利率为1.0754/1.0753。(请注意，出价高于出价。)三角套利包括以1.0746(卖出价)向交易商买入欧元，并以1.0754(买入价)在银行间市场卖出，每欧元获利0.0008瑞郎(1.0754 - 1.0746)。C是不正确的。它错误地颠倒了美元/瑞士法郎的报价，但由于混淆了交叉买入价和卖出价而错误地计算了银行间市场的交叉利率。竞价:0.9564 × 1.1243 = 1.07528 = 1.0753卖出价:0.9567 × 1.1241 = 1.07543 = 1.0754因此，银行间市场隐含的瑞郎/欧元交叉利率为1.0753/1.0754。三角套利包括以1.0746(卖出价)向交易商买入欧元，并以1.0753(买入价)在银行间市场卖出，每欧元获利0.0007瑞郎(1.0753 - 1.0746)。 老师请看看我这么做有什么问题aler 报价CHF/EUR 1.0741-1.0746银行间报价USEUR 1.1241-1.1243 USCHF 1.0453-1.0456推导出银行间CHF/EUR 1.0751-1.0756,所以从aler处买欧元如果现在有1元CHF，可以在aler处买1/1.0746EUR，现在手上有了欧元，可以在银行间市场卖欧元买美元，于是就是1/1.0746*1.1241，然后再在银行间市场卖美元买CHF，就是1/1.0746*1.1241/1.0456=1.000443，减1后最接近a

NO.PZ202208160100000201 问题如下 Baseon the ta in Exhibit 1, if a aler quotea bioffer rate of CHF1.0741/EUR1.0746, then a profitable triangularbitrage woulmost likely involve buying EUR1 from the aler anthen selling it in the interbank market for a profit of: A.CHF0.0005. B.CHF0.0008. C.CHF0.0007. SolutionA is correct. Calculate the CHF/EUR bioffer cross rate impliethe interbank market using the equation CHF/EUR = (USCHF)–1 × USEUR = CHF/US× USEUR. The equation shows thwe have to invert the USCHF bioffer quotes to get the CHF/USbioffer quotes.First, given the USCHF quotes of 1.0453/1.0456, take the inverse of eaaninterchange the bianoffer, suththe CHF/USquotes are (1/1.0456)/(11.0453) = 0.95639/0.95666 = 0.9564/0.9567. Then multiply the CHF/USanUSEUR bioffer quotes:Bi 0.9564 × 1.1241 = 1.07509 = 1.0751Offer: 0.9567 × 1.1243 = 1.07562 = 1.0756Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0751/1.0756.The aler is posting offer rate to sell the EUR a rate below the interbank birate. Thus, triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0751 (bi for a profit of CHF0.0005 (1.0751 – 1.0746) per EUR.B is incorrect. It erroneously inverts the USCHF quotes but es not interchange the bianoffer anthus incorrectly calculates the interbank market cross rate.Bi 0.9567 × 1.1241 = 1.07543 = 1.0754Offer: 0.9564 × 1.1243 = 1.07528 = 1.0753Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0754/1.0753. (Note ththe biis higher ththe offer.)Triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0754 (bi for a profit of CHF0.0008 (1.0754 – 1.0746) per EUR.C is incorrect. It erroneously inverts the USCHF quotes but incorrectly calculates the interbank market cross-rate mixing up the cross bi anoffers.Bi 0.9564 × 1.1243 = 1.07528 = 1.0753Offer: 0.9567 × 1.1241 = 1.07543 = 1.0754Thus, the CHF/EUR cross-rate impliethe interbank market is 1.0753/1.0754.Triangularbitrage woulinvolve buying EUR from the aler 1.0746 (offer) anselling it in the interbank market 1.0753 (bi for a profit of CHF0.0007 (1.0753 – 1.0746) per EUR. 三角套汇是不是只能先买interbank的便宜货币？这道题，interbank的CHF便宜，所以就先从interbank买CHF，再到aler卖CHF.为什么却是先去aler买他的便宜货币？