问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么不选B选项呢？
发亮_品职助教 · 2019年02月25日
Riding the yield curve要能成功的实施，是有两个条件必须要满足的：
第一：Yield curve必须是Upward sloping，这样当债券从长期变成短期，收益率才能从长期更高的收益率“滑落至”短期更低的收益率。实现“Riding”这个动作。
第二：Yield curve必须是Stable的，即稳定的，也就意味着今年收益率曲线长什么样，预测未来实施这个策略的投资期内，收益率曲线还长什么样，是一模一样不变的。
题干是基于Tyo对三个国家收益率曲线的预测，来判断哪个国家更适合做Riding the yield curve，其实就是看看对哪个国家的收益率曲线预测符合上面两个条件。
对于A国家的预测是：
Country A: “The government yield curve has changed little in terms of its level and shape during the last few years, and I expect this trend to continue. We assume that future spot rates reflect the current forward curve for all maturities.”
即预测未来时间段，A国家的收益率曲线和当前时刻是一样的，不会发生变化，满足第二个条件Yield curve stable；同时根据Exhibit 1发现A国家的收益率曲线是长期的利率更高，即Upward-sloping，满足第一个条件。
所以A国家满足做Riding the yield curve的两个条件，选A。
B国家的预测是：
Country B: “Because of recent economic trends, I expect a reversal in the slope of the current yield curve. We assume that future spot rates will be higher than current forward rates for all maturities.”
即，预测未来收益率曲线发生变动，首先不满足Yield curve stable的条件，即便他是Upward sloping的，但是不满足Stable的条件，就不能做Riding the yield curve。
要做Riding the yield curve，两个条件都必须同时满足。
同理可以分析Country C也不适合做Riding the yield curve.
NO.PZ201712110200000105 问题如下 Liz Tyo is a funmanager for actively manageglobfixeincome funthbuys bon issuein Countries anShe anher assistant are preparing the quarterly markets upte. Tyo begins the meeting stributing the ily rates sheet, whiinclus the current government spot rates for Countries anC shown in Exhibit 1.Exhibit 1.₤Toy’s Government Spot RatesTyo asks her assistant how these spot rates were obtaine The assistant replies, \"Spot rates are terminethrough the process of bootstrapping. It entails backwarsubstitution using pyiel to solve for zero-coupon rates one one, in orr from latest to earliest maturities.\"Tyo then provis a review of the funs performanring the last yeancomments, \"The choiof appropriate benchmark pen on the country’s characteristics. For example, although Countries A anB have both active government bonmarket ana swmarket, Country C’s private sector is mubigger thits public sector, anits government bonmarket lacks liquity.\"Tyo further points out, \"The funs results were mixe returns not benefit from taking on aitionrisk. We are especially monitoring the riskiness of the corporate bonholngs. For example, our largest holngs consist of three four-yecorporate bon (Bon 1, 2, an3) with inticmaturities, coupon rates, another contraterms. These bon have Z-sprea of 0.55%, 1.52%, an1.76%, respectively.\"Tyo continues, \"We also look risk in terms of the swsprea We consirehistoricthree-yeswsprea for Country whireflethmarket’s cret anliquity risks, three fferent points in time.\" Tyo provis the information in Exhibit 2.Exhibit 2 SelecteHistoricThree-YeRates for Country BTyo then suggests ththe firm wable to a return ring the yielcurve. The funplans to continue to use this strategy but only in markets with attractive yielcurve for this strategy.She moves on to present her market views on the respective yielcurves for a five-yeinvestment horizon.Country \"The government yielcurve hchangelittle in terms of its level anshape ring the last few years, anI expethis trento continue. We assume thfuture spot rates reflethe current forwarcurve for all maturities.\"Country \"Because of recent economic tren, I expea reversin the slope of the current yielcurve. We assume thfuture spot rates will higher thcurrent forwarrates for all maturities.\"Country \"To improve liquity, Country C’s centrbank is expecteto intervene, leang to a reversin the slope of the existing yielcurve. We assume thfuture spot rates will lower thtoy’s forwarrates for all maturities.\"Tyo’s assistant asks, \"Assuming investors require liquity premiums, how ca yielcurve slope wnwar Whes this imply about forwarrates?\"Tyo answers, \"Even if investors require compensation for holng longer-term bon, the yielcurve cslope wnwarfor example, if there is expectation of severe flation. Regarng forwarrates, it chelpful to unrstanyielcurve namicalculating implieforwarrates. To see whI mean, we cuse Exhibit 1 to calculate the forwarrate for a two-yeCountry C lobeginning in three years.\"Baseon Exhibit 1 anTyo’s expectations, whicountry’s term structure is currently best for trars seeking to ri the yielcurve? A.Country B.Country C.Country A is correct. Country A’s yielcurve is upwarsloping—a contion for the strategy—anmore so thCountry B’s. C是怎么体现出来YielCurve不是stable的呢？是因为政府实施了干预？C后半句说的Future Spot Rate小于ForwarRate说明就是一个向上倾斜的曲线，不太明白助教之前的回答，烦请老师一下可以吗?
NO.PZ201712110200000105 C国为什么不选呢？经过政府干预后不也恢复正常了吗？spot rate比forwarrate不就是正常的吗？
这道题说future spot rate reflethe forwarrate，意思是不是在说yielcurve is stable？
每次遇到这种题都错，分不清楚，是哪个知识点理解的不对呢？