NO.PZ2018111501000014
问题如下：
Which of the following is not a problem to manage emerging market currency?
选项：
A.The return distribution of emerging market currency is usually negative skewed.
B.It typically has higher trading costs than major currencies.
C.Manager will find it is difficult to achieve higher return due to the market efficiency.
解释：
C is correct.
考点： Currency Management for Emerging Market Currencies
解析：A和B是新兴市场外汇管理的最大问题。A，因为新兴市场很有可能发生极端事件，外汇的流动性也不足，所以return distribution通常是negative skewed。B，新兴市场外汇交易成本高，主要原因还是流动性不足，相关的外汇衍生产品也比较少。C，新兴市场不是有效的，比如通过carry trade，投资者可以赚取利息差，但是这样的投资策略风险也比较大。
C的意思是因为市场缺乏有效性所以导致很难获得一个高的return，这个难道不也是新兴市场的一个问题吗？
