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aaronlee · 2022年01月02日

为什么forward points 和forward percentage都为负数？

  1. CFA I
  2. Economics Analysis

NO.PZ2016010802000211

问题如下：

If the base currency in a forward exchange rate quote is trading at a forward discount, which of the following statements is most accurate?

选项：

A.

The forward points will be positive.

B.

The forward percentage will be negative.

C.

The base currency is expected to appreciate versus the price currency.

解释：

B is correct.

The base currency trading at a forward discount means that 1 unit of the base currency costs less for forward delivery than for spot delivery; i.e., the forward exchange rate is less than the spot exchange rate. The forward points, expressed either as an absolute number of points or as a percentage, are negative.

考点：Forward Premium and Discount

解析：如果基础货币以远期贴水交易，那么远期汇率将低于即期汇率，forward points 和forward percentage都为负数，基础货币将贬值。所以只有B选项正确

为什么forward points 和forward percentage都为负数？

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笛子_品职助教 · 2022年01月03日

嗨，爱思考的PZer你好：


为什么forward points 和forward percentage都为负数？


forward points = 远期汇率 - 即期汇率


forward percentage = （远期汇率 - 即期汇率）/即期汇率


本题说：forward exchange rate quote is trading at a forward discount，远期贴水，远期贴水是个金融术语，这个术语的意思就是：远期汇率<即期汇率。


把远期汇率<即期汇率这个条件，代入forward points和forward percentage的计算公式，可以得出，forward points和forward percentage 均为负。


本题的关键是：

理解forward discount这个术语。

以及forward points和forward percentage的计算公式。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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2020-08-28 13:55 2 · 回答

老师，钻进死胡同了，我能理解AC是错的，那为什么B是对的

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