问题如下图：
选项：
A. 
B. 
C. 
解释：
老师在讲课的时候说出口公司，货币贬值，有利于出口，但是讲题的课程里面却用的赤字来说明，是不是前后矛盾了？
Shimin_CPA税法主讲、CFA教研 · 2019年01月20日
不矛盾，两者的因果不同。
先看本题，韩国出口下滑，假设进口不变，那么容易出现的现象是贸易赤字，也就是国家的出口总值<进口总值，那么国家角度，外汇储备的增加（出口，收到外汇）<外汇储备的减少（进口，付出外汇），外汇储备总体减少，就要用卖出本币购买外汇，导致本币外流，经济下滑，本币贬值。这是贸易赤字对外汇的影响，属于国际经济学范畴。
一家韩国的出口公司，如果本币韩元贬值，原本外币1美元就更值钱，那么同样1美元买到的韩国出口的商品数量就变多，与相同条件下其他国家出口的商品比，韩国的商品在价格上更有竞争优势，那么需求就会增加，所以货币贬值有利于出口公司。货币贬值对供需关系的影响，属于微观经济学范畴。
NO.PZ201601050100000302问题如下2. For Subscriber 2, anassuming all of the choices relate to the KRW/USexchange rate, the best wto implement the trang strategy woulto:A.write a strale.B.buy a put option.C.use a long N position. C is correct.Baseon precteexport tren, Subscriber 2 most likely expects the KRW/USrate to appreciate (i.e., the won—the pricurrency—to preciate relative to the US. This woulrequire a long forwarposition in a forwarcontract, but a country with capitcontrols, a N wouluseinstea (Note: While forwarcontracts offerebanks are generally institutionproct, not retail, the retail version of a non-liverable forwarcontrais known a -contrafor fferences- (CF anis available severretail FX brokers.)A is incorrebecause Subscriber 2 expects the KRW/USrate to appreciate. A short strale position woulusewhen the rection of exchange rate movement is unknown anvolatility is expecteto remain low.B is incorrebecause a put option woulprofit from a preciation of the KRW/USrate, not appreciation (expecte. Higher volatility woulalso make buying a put option more expensive.中文解析本小题讨论的是Subscriber 2（2号订阅者），对应题干信息说到韩国出口下降而美国出口上升（“Unitestates is experiencing a rise in exports”）,一国的出口增加将会使得本币升值，因此美元将会升值。可以这样理解，美国的出口增加，那么市场上需要更多地美元来购买这些商品，对美元的需求增加，美元就升值了。关于因为题干中说到预测波动率会增加，因此不应该write a strale，因为这是赌波动率会不变或者下降的，A错。标价形式为KRW/US我们研究的是US而US值，所以不应buy a put option. B错。预测US升值，我们需要做US值可以获利的头寸，因此long forwar又因为资本管制的原因，所以我们选择使用N。如题。因为判断韩国不属于新兴市场，所以没选n
NO.PZ201601050100000302 问题如下 2. For Subscriber 2, anassuming all of the choices relate to the KRW/USexchange rate, the best wto implement the trang strategy woulto: A.write a strale. B.buy a put option. C.use a long N position. C is correct.Baseon precteexport tren, Subscriber 2 most likely expects the KRW/USrate to appreciate (i.e., the won—the pricurrency—to preciate relative to the US. This woulrequire a long forwarposition in a forwarcontract, but a country with capitcontrols, a N wouluseinstea (Note: While forwarcontracts offerebanks are generally institutionproct, not retail, the retail version of a non-liverable forwarcontrais known a -contrafor fferences- (CF anis available severretail FX brokers.)A is incorrebecause Subscriber 2 expects the KRW/USrate to appreciate. A short strale position woulusewhen the rection of exchange rate movement is unknown anvolatility is expecteto remain low.B is incorrebecause a put option woulprofit from a preciation of the KRW/USrate, not appreciation (expecte. Higher volatility woulalso make buying a put option more expensive.中文解析本小题讨论的是Subscriber 2（2号订阅者），对应题干信息说到韩国出口下降而美国出口上升（“Unitestates is experiencing a rise in exports”）,一国的出口增加将会使得本币升值，因此美元将会升值。可以这样理解，美国的出口增加，那么市场上需要更多地美元来购买这些商品，对美元的需求增加，美元就升值了。关于因为题干中说到预测波动率会增加，因此不应该write a strale，因为这是赌波动率会不变或者下降的，A错。标价形式为KRW/US我们研究的是US而US值，所以不应buy a put option. B错。预测US升值，我们需要做US值可以获利的头寸，因此long forwar又因为资本管制的原因，所以我们选择使用N。 因为预测volatility 会上升，那long strale 是否也可以作为策略之一？
NO.PZ201601050100000302 问题如下 2. For Subscriber 2, anassuming all of the choices relate to the KRW/USexchange rate, the best wto implement the trang strategy woulto: A.write a strale. B.buy a put option. C.use a long N position. C is correct.Baseon precteexport tren, Subscriber 2 most likely expects the KRW/USrate to appreciate (i.e., the won—the pricurrency—to preciate relative to the US. This woulrequire a long forwarposition in a forwarcontract, but a country with capitcontrols, a N wouluseinstea (Note: While forwarcontracts offerebanks are generally institutionproct, not retail, the retail version of a non-liverable forwarcontrais known a -contrafor fferences- (CF anis available severretail FX brokers.)A is incorrebecause Subscriber 2 expects the KRW/USrate to appreciate. A short strale position woulusewhen the rection of exchange rate movement is unknown anvolatility is expecteto remain low.B is incorrebecause a put option woulprofit from a preciation of the KRW/USrate, not appreciation (expecte. Higher volatility woulalso make buying a put option more expensive.中文解析本小题讨论的是Subscriber 2（2号订阅者），对应题干信息说到韩国出口下降而美国出口上升（“Unitestates is experiencing a rise in exports”）,一国的出口增加将会使得本币升值，因此美元将会升值。可以这样理解，美国的出口增加，那么市场上需要更多地美元来购买这些商品，对美元的需求增加，美元就升值了。关于因为题干中说到预测波动率会增加，因此不应该write a strale，因为这是赌波动率会不变或者下降的，A错。标价形式为KRW/US我们研究的是US而US值，所以不应buy a put option. B错。预测US升值，我们需要做US值可以获利的头寸，因此long forwar又因为资本管制的原因，所以我们选择使用N。 N的使用和题干中描述volatility的变化有无直接关系？
NO.PZ201601050100000302 老师，想问三个问题，谢谢。 为什么美国出口增加，美元是升值？？？难道不是美元贬值，更便宜，出口才会增加啊，因为卖的便宜，其他人才愿意买. 什么是N？ 如果判断美元会升值，那么有利的策略就是long forwaron US提前锁定美元汇率）？
NO.PZ201601050100000302 buy a put option. use a long N position. C is correct. Baseon precteexport tren, Subscriber 2 most likely expects the KRW/USrate to appreciate (i.e., the won—the pricurrency—to preciate relative to the US. This woulrequire a long forwarposition in a forwarcontract, but a country with capitcontrols, a N wouluseinstea (Note: While forwarcontracts offerebanks are generally institutionproct, not retail, the retail version of a non-liverable forwarcontrais known a -contrafor fferences- (CF anis available severretail FX brokers.) A is incorrebecause Subscriber 2 expects the KRW/USrate to appreciate. A short strale position woulusewhen the rection of exchange rate movement is unknown anvolatility is expecteto remain low. B is incorrebecause a put option woulprofit from a preciation of the KRW/USrate, not appreciation (expecte. Higher volatility woulalso make buying a put option more expensive. 中文解析 本小题讨论的是Subscriber 2（2号订阅者），对应题干信息说到韩国出口下降而美国出口上升（“Unitestates is experiencing a rise in exports”）,一国的出口增加将会使得本币升值，因此美元将会升值。可以这样理解，美国的出口增加，那么市场上需要更多地美元来购买这些商品，对美元的需求增加，美元就升值了。 关于 因为题干中说到预测波动率会增加，因此不应该write a strale，因为这是赌波动率会不变或者下降的，A错。 标价形式为KRW/US我们研究的是US而US值，所以不应buy a put option. B错。 预测US升值，我们需要做US值可以获利的头寸，因此long forwar又因为资本管制的原因，所以我们选择使用N。请问老师,N是什么意思？