问一道题：NO.PZ201512020800000104 第4小题

NO.PZ201512020800000104 问题如下 ESmith is a new trainee in the foreign exchange (FX) services partment of a major globbank. Smith’s focus is to assist senior FX trar, Feliz Mehmet, CFMehmet mentions thIncorporate client exporting to the UniteKingm wants to estimate the potentiheing cost for a sale closing in one year. Smith is to termine the premium/scount for annu(360 y) forwarcontrausing the exchange rate ta presentein Exhibit 1.Exhibit 1. SeleCurrenta for GanINR Mehmet is also looking two possible tras to termine their profit potential. The first tra involves a possible triangularbitrage tra using the Swiss, US anBrazilicurrencies, to executebaseon a aler’s bioffer rate quote of 0.5161/0.5163 in CHF/BRL anthe interbank spot rate quotes presentein Exhibit 2.Exhibit 2. Interbank Market QuotesMehmet is also consiring a carry tra involving the USanthe Euro. He anticipates it will generate a higher return thbuying a one-yemestic note the current market quote e to low US interest rates anhis prections of exchange rates in one year. To help Mehmet assess the carry tra, Mehmet provis Smith with selectecurrent market ta anhis one yeforecasts in Exhibit 3.Exhibit 3. Spot Rates anInterest Rates for ProposeCarry TraFinally, Mehmet asks Smith to assist with a tra involving a US multinationcustomer operating in Europe anJapan. The customer is a very cost conscious instricompany with a cret rating anstrives to execute its currentras the most favorable bioffer sprea Because its Japanese subsiary is about to close on a major Europeacquisition in three business ys, the client wants to loin a tra involving the Japanese yen anthe Euro early possible the next morning, preferably 8:05 New York time.lunch, Smith another FX trainees scuss how best to analyze currenmarket volatility from ongoing financicrises. The group agrees tha theoreticexplanation of exchange rate movements, suthe framework of the internationparity contions, shoulapplicable across all trang environments. They note suanalysis shoulenable trars to anticipate future spot exchange rates. But they sagree on whiparity contion best prects exchange rates, voicing severfferent assessments. Smith conclus the scussion on parity contions stating to the trainees:“I believe thin the current environment both covereanuncovereinterest rate parity contions are in effect.”The conversation next shifts to exchange rate assessment tools, specifically the techniques of the IMF Consultative Group on Exchange Rate Issues (CGER). CGER uses a three-part approainclung the Macroeconomic BalanApproach, the ExternSustainability Approach, ana ReceForm Econometric Mol. Smith asks Trainee #1 to scrithe three approaches. In response, Trainee #1 makes the following statements to the other trainees anSmith:Statement 1 Macroeconomic Balanfocuses on the stocks of outstanng assets anliabilities.Statement 2 ReceForm ha weakness in unrestimating future appreciation of unrvaluecurrencies.Statement 3 ExternSustainability centers on austments leang to long-term equilibrium in the capitaccount.4. The factor least likely to leto a narrow bioffer sprefor the instricompany’s neecurrentra is the: A.timing of its tra. B.company’s cret rating. C.pair of currencies involve B is correct.While cret ratings caffesprea, the tra involves spot settlement, i.e. two business ys after the tra te, so the sprequoteto this highly rate(Afirm is not likely to mutighter ththe sprethwoulquoteto a somewhlower rate(but still high quality) firm. The relationship between the bank anclient, the size of the tra, the time of y the tra is initiate the currencies involveanthe level of market volatility are likely to more significant factors in termining the sprefor this tra.考点factors thaffethe bioffer spre其中的一个因素。解析: 存在四个影响银行间市场间BIASK的SPREA因素，它们分别是交易币种、交易时间短、市场的波动性以及远期汇率间的SPREA在本题中，日元和欧元是属于经常交易的货币，所以会降低SPREA本题中交易时间在纽约时间6点到8点之间，这属于最大两个交易市场开市时间，所以也会降低SPREAB不属于上述四个影响因素，公司信用好坏，通常不影响即期汇率的报价，所以本题中不予考虑。 请问这道大题完整版题目以及讲解在哪？我想练一下

NO.PZ201512020800000104 问题如下 4. The factor least likely to leto a narrow bioffer sprefor the instricompany’s neecurrentra is the: A.timing of its tra. B.company’s cret rating. C.pair of currencies involve B is correct.While cret ratings caffesprea, the tra involves spot settlement, i.e. two business ys after the tra te, so the sprequoteto this highly rate(Afirm is not likely to mutighter ththe sprethwoulquoteto a somewhlower rate(but still high quality) firm. The relationship between the bank anclient, the size of the tra, the time of y the tra is initiate the currencies involveanthe level of market volatility are likely to more significant factors in termining the sprefor this tra.考点factors thaffethe bioffer spre其中的一个因素。解析: 存在四个影响银行间市场间BIASK的SPREA因素，它们分别是交易币种、交易时间短、市场的波动性以及远期汇率间的SPREA在本题中，日元和欧元是属于经常交易的货币，所以会降低SPREA本题中交易时间在纽约时间6点到8点之间，这属于最大两个交易市场开市时间，所以也会降低SPREAB不属于上述四个影响因素，公司信用好坏，通常不影响即期汇率的报价，所以本题中不予考虑。 窄区间的货币都有什么?日元属于窄区间还是宽区间的货币?

company’s cret rating. pair of currencies involve B is correct. While cret ratings caffesprea, the tra involves spot settlement, i.e. two business ys after the tra te, so the sprequoteto this highly rate(Afirm is not likely to mutighter ththe sprethwoulquoteto a somewhlower rate(but still high quality) firm. The relationship between the bank anclient, the size of the tra, the time of y the tra is initiate the currencies involveanthe level of market volatility are likely to more significant factors in termining the sprefor this tra. 考点factors thaffethe bioffer spre其中的一个因素。 解析: 存在四个影响银行间市场间BIASK的SPREA因素，它们分别是交易币种、交易时间短、市场的波动性以及远期汇率间的SPREA 在本题中，日元和欧元是属于经常交易的货币，所以会降低SPREA 本题中交易时间在纽约时间6点到8点之间，这属于最大两个交易市场开市时间，所以也会降低SPREA B不属于上述四个影响因素，公司信用好坏，通常不影响即期汇率的报价，所以本题中不予考虑。为什么公司信用好坏不影响即期汇率的报价呢？不好是不是应该sprea？

    老师，之前上课说过市场上整体外汇交易量越大，sprea小。但是我记得课堂上也提过交易量越大使得银行流动性越紧张，银行的biask sprea越大，这两个怎么理解呀？