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circle · 2024年11月08日

老师请问

  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

老师，是不是我自己哪里还是混淆。如果溢价情况，国外利率不是该小于本国利率吗.


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1 个答案

品职助教_七七 · 2024年11月08日

嗨，努力学习的PZer你好：


这里面搞错了一个分析对象。

本题的分析对象为本国货币（the local currency is trading at a forward premium），可知本国货币为base currency。所以，如果用A/B的这种标价形式的话，本国货币就是B。

根据公式得到的rA＞rB是正确的，由此得到的是本国利率更低。相对而言国外的利率rA就更高。




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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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