NO.PZ2018062007000030
问题如下：
When interest rates and futures prices are negatively correlated, futures prices will be:
选项：
A.lower than forwards.
B.the same as forwards
C.higher than forwards.
解释：
A is correct.
If futures prices and interest rates are negatively correlated, the futures prices increase as interest rates decrease, which lead to long position receives cash earlier and reinvests it at lower rate. Under this situation, investors prefer forward contracts because all profits are received at the end of contract, therefore forward price is higher.
当期货合约价格与利率负相关时，其每日结算出的收益通过再投资获得的收益要小于远期，因而期货价格会略低。
听完课的瞬时记忆，负相关是利率下跌了，正相关是利率上涨，两者影响了再投资利率，所以能做对。
但如果忘了，
根据题目去想利率和期货价格的相关关系，可能就不理解了。
因为根据前面结论，再投资利率和期货价格一直是正向关系哦。
