Park Co is based in a country whose currency is the dollar ($). The company regularly imports goods denominated in euro (€) and regularly sells goods denominated in dinars. Two of the future transactions of the company are as follows:
Three months: Paying €650,000 for imported goods
Six months: Receiving 12 million dinars for exported capital goods
Park Co has the following exchange rates and interest rates available to it:
Bid | Offer | |
Spot exchange rate (dinars per $1): | 57.31 | 57.52 |
Six-month forward rate (dinars per $1): | 58.41 | 58.64 |
Spot exchange rate (€ per $1): | 1.544 | 1.552 |
Three-month forward rate (€ per $1): | 1.532 | 1.540 |
Six-month interest rates: | ||
Borrow | Deposit | |
Dinars | 4.0% | 2.0% |
Dollars | 2.0% | 0.5% |
The finance director of Park Co believes that the upward-sloping yield curve reported in the financial media means that the general level of interest rates will increase in the future, and therefore expects the reported six-month interest rates to increase.
Which hedging methods will assist Park Co in reducing its overall foreign currency risk?
(1) Taking out a long-term euro-denominated loan
(2) Taking out a dinar-denominated overdraft
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2
【解析】
这个小题我们直接看给出的汇率表就很容易做出判断。我们用很通俗的方法来判断这个题。
(dinars per 1):六个月后的汇率高于现在的汇率，也就是说现在借入一美元相当于57.3 dinars,六个月后就是58.4 dinars,而我们只需还57.3dinars，会有结余，所以对我们有利，所以可以借入dinars规避风险。(€ per 1):三个月后的汇率低于现在的汇率，也就是说现在借入一美元相当于1.544欧元，三个月后一美元只相当于1.532欧元，我们需要还1.544欧元，需要拿出大于一美元的钱，所以对我们是不利的，所以我们不能借入欧元。所以本题选B。
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