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2020-09-14 22:21原版書上的這幾話要怎么理解？ 1.For example, if the dollar is cheaper in terms of yen in the forward market than stipulated by CIP, then anyone able to borrow dollars at prevailing cash market rates could profit by entering an FX swap-selling dollars for yen at the spot rate today and repurchasing them cheaply at the forward rate at a future date. 2.A positive("wide") value of(f-s), above, indicates that party lending US dollars sells the foreign currency forward at a higher dollar price than warranted by the interest differential. Equivalently, a party borrowing US dollars via an FX swap-say, to hedge its US dollar asset-is effectively paying a higher interest rate on the swapped dollars than is paid in the cash market. 原版書頁碼為334-335
所屬：FRM Part II > Liquidity and Treasury Risk Measurement and Management 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Cindy助教
2020-09-16 17:32
該回答已被題主采納
同學你好，第一句話的意思，如果美元在遠期市場上相對于日元的價格比CIP規(guī)定的要便宜，那么任何能夠以現(xiàn)行現(xiàn)金市場利率借入美元的人都可以通過進入外匯互換獲利，即當前以即期匯率賣出美元換日元，并在未來以遠期匯率廉價回購美元。
第二句話：（F-S）的正值代表著，借出美元的一方在未來以高于息差保證的美元價格賣出外幣。同樣地，通過外匯互換借入美元的一方，實際上對互換美元支付的利率高于在現(xiàn)金市場支付的利率。
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