问题如下：
The liquidity impact from liquidity options
can only be managed by the several tools, expect for which?
选项：
A. Cash reserves
A constrained allocation of the assets in
liquid assets
The bank can long liquidity options
banks
can refuse to exercise of liquidity options from clients.
解释：
考点：对Liquidity Options的理解
答案：D
解析：
当客户行权对银行产生流动性影响时，银行只能通过工具进行管理。ABC对应的是管理的三种方式。D选项错误。
这道题目有错误，应该是except吧，那个是expect
