6.Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. If you do not cover this transaction in the forward market, you face a risk of loss if the euro:B
假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失
a. Depreciates against the dollar. b. Appreciates against the dollar.
c. Either appreciates or depreciates against the dollar. d. Is fixed.
7.Which financial instrument provides a buyer the right (but not the obligation) to purchase or sell a fixed amount of currency at a prearranged price, within a few days to a couple of years?B
外币期权给买家一种权利（不是义务）,这种权利可以在几天甚至几年内,通过预先定好的价格买卖一定数量的外币 a. Letter of credit.
b. Foreign currency option.外币期权 c. Currency swap. d. Forward contract.
8.Concerning the covering of exchange market risks, assuming that a depreciation of the domestic currency is feared, one can say that there is an incentive for:B
关于外汇风险的保险问题,假设一个国家的国内货币将出现贬值,那么这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商) a. Exporters to rush to cover their future needs. b. Importers to rush to cover their future needs.
c. Both exporters and importers to rush to cover their future needs. d. Neither exporters nor importers to rush to cover their future needs.
9.If Canadian speculators believed the euro was going to appreciate against the U.S. dollar, they would: C
如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元
a. Purchase Canadian dollars. b. Purchase U.S. dollars. c. Purchase euros. d. Sell euros.
9.If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you can maximize speculative gains by:C如果欧元的即时汇率是1.1美元每欧元,同时30天期货汇率是1美元1欧元,你相信即时汇率在30天赊会变成1.05美元每欧元,那么你怎样做才能利益最大化？（美元将会升值）
a. Buying euros in the spot market and selling the euros in 30 days at the future spot rate.
b. Signing a forward foreign exchange contract to sell the euros in 30 days.
c. Signing a forward foreign exchange contract to sell the dollars in 30 days. 签订一远期外汇合约以便在30天内卖出美元
d. Buying dollars in the spot market and selling the dollars in 30 days at the future spot rate.
10.If an investor starts with dollars and wants to end up with dollars in the future, which of the following is NOT an investment choice that can be made? A如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪一项投资不是明智的？ 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.用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币
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.
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.
11. 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 uncovered international investment? C
如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪个选项是一种未保险国际投资的例子？
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.
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.
用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元
d. Buy a dollar-denominated financial asset.
12. 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.
13.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
14.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
15.___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
16.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.
d.It is not possible to determine without additional information.
17.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-monthforward pound were to ____D________, U.S. investors would no longer earn an extra return by shifting funds to the United Kingdom. a. Rise to $1.99 b. Rise to $2.01 c. Fall to $1.96 d. Fall to $1.97
18.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.
19.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.
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
1.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
2. 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
3.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
4.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
5.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
6.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，)
7.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
8.Covered interest parity is rarely found to hold empirically. 利率平价很少会持续出现
9. 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）
10.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
Others
1 Balance of payments
a) is defined as the statistical record of a country’s international transactions over a certain period of time presented in the form of a double-entry bookkeeping
b) provides detailed information concerning the demand and supply of a country’s currency
c) can be used to evaluate the performance of a country in international economic competition
d) all of the above Answer: d
2 If the United States imports more than it exports, then
a) The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus(别无其他情形).
b) One can infer that the U.S. dollar would be under pressure to depreciate against other currencies c) a) and b)
d) None of the above Answer: c
3 If Japan exports more than it imports, then