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HCocobear · 2024年10月29日

有点没懂这题题目问的主语是外币还是本币

  1. CFA I
  2. Economics Analysis

NO.PZ2023071902000005

问题如下：

Question When the local currency is trading at a forward premium, the interest rate in the foreign country, compared to the domestic country's interest rate, is most likely:

选项：

A.lower. B.higher. C.the same.

解释：

Solution


B Correct. The currency with the higher (lower) interest rate will always trade at a forward discount (premium). The lower interest rate in the domestic country will be compensated by the appreciation of the domestic currency over the investment period.

B正确。利率较高(较低)的货币总是以远期折扣(溢价)在交易。在投资期间，国内较低的利率将由本国货币的升值进行补偿。

Exchange Rate Calculations

• explain the arbitrage relationship between spot and forward exchange rates and interest rates, calculate a forward rate using points or in percentage terms, and interpret a forward discount or premium

这题的条件是本币兑外币是升值吗？

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1 个答案

笛子_品职助教 · 2024年10月30日

嗨，努力学习的PZer你好：


这题的条件是本币兑外币是升值吗？

Hello，亲爱的同学~

同学可以这么理解。

题目信息点是： local currency is trading at a forward premium。

本国货币的forward价格高于spot价格。

根据covered利率平价公式，forward价格高于spot价格的货币（即forward premium），利率更低。

因此本国的利率更低。

对应外国的利率更高。选B。

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