关于yield curve理解问题

问题如下：

Based on Bader’s inflation expectations as shown in Exhibit 1, purchasing power parity implies that which of the following countries’ currencies should depreciate, all else being equal?

选项：

A.Country A

B.Country B

C.Country C

解释：

A is correct.

Purchasing power parity implies that the value of Country A’s currency will decline. Inflation for Country A is expected to rise relative to global inflation. Purchasing power parity implies that the expected percentage change in Country A’s exchange rate should be equal to the difference in expected inflation rates. If Country A’s inflation is rising relative to global inflation, then the currency will be expected to depreciate.

B is incorrect because purchasing power parity implies that the value of Country B’s currency will remain stable. Inflation for Country B is expected to keep pace with global inflation. Purchasing power parity implies that the expected percentage change in Country B’s exchange rate should be equal to the difference in expected inflation rates. If Country B’s inflation is keeping pace with global inflation, then the exchange rate will be expected to stay the same, corresponding to a stable value of Country B’s currency.

C is incorrect because purchasing power parity implies that the value of Country C’s currency will rise. Inflation for Country C is expected to fall relative to global inflation. Purchasing power parity implies that the expected percentage change in Country C’s exchange rate should be equal to the difference in expected inflation rates. If Country C’s inflation is falling relative to global inflation, then the currency will be expected to appreciate.

购买力平价意味着A国货币的价值将会下降。A国的通胀预期将相对于全球通胀上升。购买力平价意味着A国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果A国的通胀水平相对于全球通胀水平正在上升，那么A国的货币预计将会贬值。

B是错误的，因为购买力平价意味着B国货币的价值将保持稳定。B国的通胀预期将与全球通胀同步。购买力平价意味着B国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果B国的通胀与全球通胀保持同步，那么预期汇率将保持不变，对应于B国货币的稳定价值。

C是错误的，因为购买力平价意味着C国货币的价值将上升。相对于全球通胀，C国的通胀预期将下降。购买力平价意味着C国汇率的预期变动百分比应等于预期通货膨胀率的差额。如果C国的通货膨胀率相对于全球通货膨胀率正在下降，那么预计该国货币将会升值。