A research report produced by a dealer includes the following exchange rates:

　　The most accurate calculation of the expected appreciation(%)of the Canadian dollar(CAD)relative to the British pound(GBP)is:

 

　　A.-2.04%.

 

　　B.0.7%.

 

　　C.2.99%

 

　　Answer:C

　　CAD/GBP

 

　　1.774

 

　　1.721

 

　　–2.99%

 

　　CAD/GBP=(USD/EUR)×(EUR/GBP)/(USD/CAD)

 

　　Spot rate of CAD/GBP=1.396×1.285/1.011=1.774

 

　　Expected spot rate of CAD/GBP=1.386×1.279/1.030=1.721

 

　　Previously it cost$1.774 to buy 1 GBP;it is expected to cost$1.721 to buy 1 GBP in 1 year so the Canadian dollar has appreciated by 2.99%.

 

　　解析：

 

　　利率的题目最关键的******步是确定要求的是什么，这里是Canadian dollar(CAD)relative to the British pound(GBP)，意思就是CAD/GBP。

 

　　然后我们有的是，

 

　　所以，

　　所以是（1）/（2）*（3）

 

　　算即期为1.774，算远期为1.721

 

　　所以，（1.721-1.774）/1.774=-2.99%