问题如下图：
选项：
A. 
B. 
C. 
解释：
针对解释最后一句话，请问一下，这里的volatility是针对general（包括exchange rate volatility）volatility吗？还是exchange rate volatility only呢？（general volatility的话）考点就是volatile时，long straddle/strangle；stable时short吧？
谢谢！
Shimin_CPA税法主讲、CFA教研 · 2018年12月04日
这里的volatility是general的，当然这一章讲的外汇，所以这道题从 exchange rate volatility 足够了。
cross hedge是找替代品，随便举个大宗商品的例子也是成立的，比如现在要对冲白银与股票之间价格变动的风险，但是市场上找不到这样的产品，我发现白银与黄金价格的变化是同步的，所以我买了对冲黄金与股票之间价格变动的产品。在这里，选择了黄金是白银的替代，这是cross hedge,所以在做cross hedge这个决策的时候，我关注的重点是白银与黄金价格的变化到底是不是同步的，只有同步，找替代才有意义。至于股票自身的价格波动，或者白银自身的价格波动，是在要不要hedge的时候考虑的（决定了要对冲，才会考虑怎么找替代品来对冲）。
最后一个问题，是的，如果考点就是volatile时，long straddle/strangle；stable时short。
NO.PZ201601050100000404 问题如下 4. The most important risk to Björk‘s Latin Americcurrenhee woulchanges in: A.forwarpoints. B.exchange rate volatility. C.cross-currencorrelations. C is correct.A cross hee exposes the funto basis risk; this, the risk ththe hee fails to proteagainst aerse currenmovements because the correlations between the value of the assets being heeanthe heing instrument change.A is incorrebecause movements in forwarpoints (anhenroll yiel woulof seconry importancompareto the basis risk of a cross hee.B is incorrebecause exchange rate volatility woulnot necessarily affea hee baseon forwarcontracts, long the correlations between the unrlying assets anthe hee remainestable. Although relevant, volatility in itself is not the -most- important risk to consir for a cross-hee. (However, movements in volatility woulaffehees baseon currenoptions.)中文解析题干意思是说现在发现MXN这个币种和拉丁美洲的货币相关性很高，因此他想用MXN来代替拉丁美洲的货币来进行对冲，也就是cross hee。cross hee的风险在于所找的替代的币种（对应本题中的MXN），与要对冲的币种（对应本题中的拉丁美洲的货币）相关性并不是很高，此时就会存在对冲不完全等问题，就会存在风险。因此本题选 这里描述的就是basis risk吧？所用的hee instrument和被hee的资产不同，存在不完全对冲的风险麽
NO.PZ201601050100000404 问题如下 4. The most important risk to Björk‘s Latin Americcurrenhee woulchanges in: A.forwarpoints. B.exchange rate volatility. C.cross-currencorrelations. C is correct.A cross hee exposes the funto basis risk; this, the risk ththe hee fails to proteagainst aerse currenmovements because the correlations between the value of the assets being heeanthe heing instrument change.A is incorrebecause movements in forwarpoints (anhenroll yiel woulof seconry importancompareto the basis risk of a cross hee.B is incorrebecause exchange rate volatility woulnot necessarily affea hee baseon forwarcontracts, long the correlations between the unrlying assets anthe hee remainestable. Although relevant, volatility in itself is not the -most- important risk to consir for a cross-hee. (However, movements in volatility woulaffehees baseon currenoptions.)中文解析题干意思是说现在发现MXN这个币种和拉丁美洲的货币相关性很高，因此他想用MXN来代替拉丁美洲的货币来进行对冲，也就是cross hee。cross hee的风险在于所找的替代的币种（对应本题中的MXN），与要对冲的币种（对应本题中的拉丁美洲的货币）相关性并不是很高，此时就会存在对冲不完全等问题，就会存在风险。因此本题选 1、答案说forwarpoints 指的的roll yie这个怎么和本节知识点heing multiple curren关联在一起的呢？2、此题目考查的是basis risk？3、本节知识点heing multiple curren讲的对冲方法不涉及option 所以与volatility无关？
exchange rate volatility. cross-currencorrelations. C is correct. A cross hee exposes the funto basis risk; this, the risk ththe hee fails to proteagainst aerse currenmovements because the correlations between the value of the assets being heeanthe heing instrument change. A is incorrebecause movements in forwarpoints (anhenroll yiel woulof seconry importancompareto the basis risk of a cross hee. B is incorrebecause exchange rate volatility woulnot necessarily affea hee baseon forwarcontracts, long the correlations between the unrlying assets anthe hee remainestable. Although relevant, volatility in itself is not the -most- important risk to consir for a cross-hee. (However, movements in volatility woulaffehees baseon currenoptions.)这道题我在笔记上写的A书第二重要的，什么意思