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d. Buy a dollar-denominated financial asset.
18. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of hedging?B如果一个投资者想以美元投资,最后也以美元收取利益,以下哪个选项是一种套头交易？
a. Sell dollars at the spot rate, invest the proceeds in foreign
currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign currency.
b. Sell dollars at the spot rate, invest the proceeds in foreign
currency-denominated financial instruments, and sign a forward exchange contract to buy dollars.以即时汇率卖出美元,用收益投资于外国金融工具,再签订一份远期汇率合约用来买回美元
c. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and then buy dollars at the future spot rate.
d. Buy a dollar-denominated financial asset. 19. The proportionate difference between the current forward exchange rate value of a currency and its current spot value is the ___C_______ premium.一种货币的即时远期汇率值与即时交易值的不同在于远期升水（f-e） a. Investment b. Spot c. Forward
d. Currency-option 20. The _____A_____ differential is approximately equal to the forward premium on a currency plus the interest rate differential.抵补套汇差异相当于一货币的远期升水加上利率差异 （CD=F+I-If）
a. Covered interest b. Uncovered interest c. Covered currency d. Uncovered currency
21. ___A_______ arbitrage is buying a country's currency spot and selling that country's currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country's currency.抵补套汇是指以即时价买一个国家的货币然后在远期卖出,这样就可以通过利率的差异和货币的远期升水赚取净收益 a. Covered interest 抵补套汇 b. Uncovered interest c. Covered currency d. Uncovered currency 22. Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. If today’s spot price of the pound is $2.00 while the 6-month forward price of the pound is $1.98, by investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange rate risk, U.S. investors earn an extra return for the 6 months of:A a. 0.5 percent. b. 1.5 percent.
c. 3 percent. 计算题,,唔翻啦
d. It is not possible to determine without additional information. 23. Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United
States, and today’s spot price of the pound is $2.00 while the 6-month
forward price of the pound is $1.98. If the price of the 6-month forward pound were to ____D________, U.S. investors would no
longer earn an extra return by shifting funds to the United Kingdom. 同上
a. Rise to $1.99 b. Rise to $2.01 c. Fall to $1.96 d. Fall to $1.97
24. If the forward premium of the euro is positive, the exchange
market’s consensus appears to be that over the period of a forward contract, the spot rate of the euro will:B 如果欧元的远期升水是正数,在远期外汇合约中的远期升水也是正数的话,那么欧元的即时汇率会升值 （f>e:远期汇率大于即期汇率） a. Depreciate. b. Appreciate.
c. Remain constant. d. Fluctuate randomly.
25. If the covered interest differential is zero:C 如果抵补汇率差异为０,那么外币投资的总回报等于相应的国内货币投资回报,[CD=0，(1+Iuk)*f/e=1+I]
a. International investments will be unprofitable. b. Parity has not been reached.
c. The overall covered return on a foreign-currency investment
equals the return on a comparable domestic-currency investment. 一
d. A currency is at a forward premium by as much as its interest rate is higher than the interest rate in the other country.
True/False Questions
26. Hedging a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency.(T) 对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法 27. Speculating in a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. 投机是对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法 28. The profits and losses on a futures contract accrue to you daily, as the contract is “marked to market” daily. (T) 在未来合约中,得益与损失每天都会产生,因为未来合约本来就是一种每天结算的合约 29. Forward exchange contracts are used for hedging but not for speculating.远期汇率合约是用来避险,不是用来投资（机）的 30. In a currency swap two parties agree to exchange flows of different bonds during a specified period of time. 在货币套换中,双方同意在一个约定的时间内交接不同的债券
31. If a currency is at a forward premium by as much as its interest rate is lower than the interest rate in the other country, covered
interest parity holds.(T)如果一货币的远期升水跟利率都比其它国家低,那么套补利率平价持续(F,I都小于外国水平，抵补套汇机制将继续，CD=0，)
32. A country with an interest rate that is lower than the
corresponding rate in the domestic country will have a forward premium on its currency.(T) 如果一个国家的利率比国内折合利率低,那么这个国家会出现出现货币的远期升水
33. Covered interest parity is rarely found to hold empirically.利率平价很少会持续出现
34. If Canada and Britain have 90 day forward exchange rate values for their currencies that are above their current spot exchange rate values, then Canadian and British interest rates are relatively high.如果加拿大与英国有９０天远期外汇利率值,这个外汇利率值高于其即时外汇利率值的话,那么加拿大与英国的利息相对比较高.（f-e>0,因为，f-e=两国利率差>0,所以加拿大的利息比英国的利息低）
35. Studies have shown that actual uncovered differentials are random and on average equal to zero. 研究表明, 非抵补利差是随机的,并且平均值在０附近
Essay Questions
Suppose that the U.S. dollar-pound sterling spot exchange rate equals $1.60/￡, while the 360-day forward rate is $1.64/￡. The yield on a
one-year U.S. Treasury bill is 9% and on a one-year U.K. Treasury bill the yield is 8%. Calculate the covered interest differential in favor of London. On the basis of this result, which country would you expect to face capital inflows and which to face capital outflows? 36。 cd=0.017
(过程：cd=(1+8%)*1.64/1.60-(1+9%)=1.107-1.09=0.017)
Consider the case of a U.S. investor holding dollars and deciding whether to invest in Japanese Treasury bills or in U.S. Treasury bills. Assume that the investor wants to end up holding dollars. What THREE methods are available to this investor to turn present dollars into future dollars? In your answer present an equation that shows the return per dollar invested under each method. Which of these methods is the riskiest and why? 37岁。 三种方式：a.CIP:(1+iJP)f/e, b.UIP:(1+iJP)eex/e 买美圆资产,获得收益1+ius