NO.PZ2023010401000163
问题如下：
A development country that maintains a fixed value for its currency relative to the U.S. dollar is experiencing a decline in its economic activity, and its inflation rate falls below the Ievel in the United States. As a result of the developing country‘s actions to maintain the fixed exchange rate target, its :选项：
A.money supply will contract. B.short-term interest rates will fall. C.foreign exchange reserves will decrease.解释：
B is correct. With a decline in economic activity and domestic inflation, the currency of the developing country would start to rise against the dollar. To protect the exchange rate target, the developing country‘s monetary authority Will purchase foreign exchange reserves and Sell its own currency. This action will increase the domestic money supply and decrease short-term interest rates.
中文解析：
B正确。随着经济活动和国内通货膨胀的下降，发展中国家的货币将开始对美元升值。为了保护汇率目标，发展中国家的货币当局会买入外汇储备，卖出本国货币。此举将增加国内货币供应量，降低短期利率。
这里需要先了解两个知识点。
1）利率平价理论：利率低的国家，货币会升值。利率与经济是同步的，经济下降，利率下降。
2）购买力平价理论：通胀低的国家，货币会升值。
