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穗暖 · 2020年10月12日

问一道题：NO.PZ2016010801000115

  1. CFA I
  2. Economics Analysis

问题如下：

In spot market, Swiss Franc (CHF) is traded at CHF/EUR 1.1613. In forward market, the 90-day forward rate is CHF/EUR 1.1592. Which of the following statement is most likely correct?

选项：

A.

Interest rates are lower in the Euro Zone relative to Switzerland.

B.

Interest rates are higher in the Euro Zone relative to Switzerland.

C.

More CHF is needed to exchange one EUR in the forward market than exchange in the spot market.

解释：

B is correct.

Forward rate in CHF/EUR = spot rate* (1+interest rate in Switzerland)/(1+interest rate in Euro Zone). Forward rate is lower than spot rate in CHF/EUR as1.1592<1.1613, therefore Interest rates are higher in the Euro Zone than in Switzerland.

考点：Forward rate

解析：瑞士法郎/欧元远期利率=即期利率*(1+瑞士利率)/(1+欧元区利率)。远期利率低于即期汇率(CHF/EUR =1.1592<1.1613)，因此欧元区利率高于瑞士区利率。

助教老师，我想问一下

 Swiss Franc (CHF) is traded at CHF/EUR 1.1613.是理解成1.1613CHF/EUR，而不是CHF/EUR=1.1613对吗

添加评论
穗暖 · 2020年10月12日

老师，类似CHF/EUR 1.1613这种表达在考试中会出现吗？ 就是按照何老师上课教的标准表达不应该是1.1613CHF/EUR 我看原版书的题课后题之间基本都是the exchange rate in CHF/EUR is 1.1613

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丹丹_品职答疑助手 · 2020年10月12日

同学你好，要记得我们解题的时候严格按照何老师讲的方式，读题的时候转化下就好了

丹丹_品职答疑助手 · 2020年10月12日

嗨，爱思考的PZer你好：


同学你好，是这样的


-------------------------------
加油吧，让我们一起遇见更好的自己！


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NO.PZ2016010801000115 问题如下 In spot market, Swiss Franc (CHF) is traCHF/EUR 1.1613. In forwarmarket, the 90-y forwarrate is CHF/EUR 1.1592. Whiof the following statement is most likely correct? A.Interest rates are lower in the Euro Zone relative to Switzerlan B.Interest rates are higher in the Euro Zone relative to Switzerlan C.More CHF is neeto exchange one EUR in the forwarmarket thexchange in the spot market. B is correct.Forwarrate in CHF/EUR = spot rate* (1+interest rate in Switzerlan/(1+interest rate in Euro Zone). Forwarrate is lower thspot rate in CHF/EUR as1.1592 1.1613, therefore Interest rates are higher in the Euro Zone thin Switzerlan考点Forwarrate解析瑞士法郎/欧元远期利率=即期利率*(1+瑞士利率)/(1+欧元区利率)。远期利率低于即期汇率(CHF/EUR =1.1592 1.1613)，因此欧元区利率高于瑞士区利率。 作为price的货币利率高，远期的汇率就会升高作为base的货币利率高，远期的汇率就会降低price的货币利率高，钱应该会从base货币的国家流向price货币的国家啊，应该会升值才对啊？就像现在美国利率高，美元就在升值；这道题Euro的利率高了，1 Euro兑的CHF反而降低了，为什么？

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