问题如下:
Until recently, Country A and Country B had similar interest rates. The central bank of Country A has just increased interest rates. A speculator thinks this will lead to international investors moving funds from Country B’s currency to Country A’s currency to earn the higher interest rate. This will increase the demand for currency A, and as a result, currency A will strengthen relative to currency B. What spot or forward trades should the speculator do?
选项:
解释:
The speculator thinks that currency A will strengthen. However, interest rate parity indicates that it is weaker in the forward market. If the speculator is right, he or she will make money by buying currency A with currency B in the forward market and then selling it on the delivery date.
A贬值,远期时,按老师讲的 short B/A,即卖A买B,即在远期用货币A换货币B,那么,在远期我们得现有货币A,故在T0时刻是用B换A。现在我们假设T0时刻汇率为2B/A,远期时刻汇率为1B/A,很明显,A贬值,符合条件。在假设,我们to时刻有10个B,那么t0时刻可以换到5个A,那么,在远期时刻我们用5个A换称5个B,原先是10个B,这不是亏了吗?我不理解。请老师解惑。