NO.PZ201812020100000105
问题如下：
Is Perreaux correct with respect to key features of cash flow matching?
选项：
A.Yes.
B.No, only Feature 1 is correct.
C.No, only Feature 2 is correct.
解释：
B is correct.
Cash flow matching has no yield curve or interest rate assumptions. With this immunization approach, cash flows come from coupon and principal repayments that are expected to match and offset liability cash flows. Because bond cash inflows are scheduled to coincide with liability cash payouts, there is no need for reinvestment of cash flows. Thus, cash flow matching is not affected by interest rate movements. Cash flows coming from coupons and liquidating bond portfolio positions is a key feature of a duration-matching approach.
答案中写“Cash flow matching has no yield curve or interest rate assumptions. With this immunization approach, cash flows come from coupon and principal repayments that are expected to match and offset liability cash flows. Because bond cash inflows are scheduled to coincide with liability cash payouts, there is no need for reinvestment of cash flows. Thus, cash flow matching is not affected by interest rate movements. Cash flows coming from coupons and liquidating bond portfolio positions is a key feature of a duration-matching approach.”
但是feature 2里也没说Cash flows coming from coupons and liquidating bond portfolio啊？看了其他同学的提问也没理解，麻烦老师再给解释一下。谢谢！
