NO.PZ2020020601000058
问题如下：
Interest rates in a currency XXX increase and interest rates in currency YYY stay the same. The exchange rate is expressed as XXXYYY. Do forward rates increase or decrease?
解释：
Currency XXX becomes weaker in the forward market. Exchange rates are expressed as the number of units of YYY that would be exchanged for one unit of XXX. As a result of the increase in interest rates, it takes less units of YYY to buy one unit of XXX in the forward market and so the forward rate decreases.
汇率形式是XXXYYY，所以用IRP表示就是F=S*（1+Ry）/（1+Rx），由于X利率上升，根据公式可得F下降，即一单位X可以换的Y货币减少，即X货币贬值
