问题如下：
The emerging marketcountry is more likely to engage in sterilized
intervention if its:
选项：
A. inflation rate is
high
B. currency is
undervalued
C. currency appreciation
is caused by push factors rather than pull factors
解释：
A
country would likely choose sterilized intervention if it had a highinflation
rate, because unsterilized intervention would add to the monetary base
andpossibly increase inflationary pressures. B is incorrect because an
undervalued currencyis likely to lessen the probability of intervention,
sterilized or unsterilized, in response tocapital inflows. C is incorrect
because both push and pull factors can lead to bubbleconditions, excessive
exchange rate appreciation, and the unwanted build-up ofexcessive speculative
positions.
解析：如果一个国家的通胀率很高，它很可能会选择冲销干预，因为未冲销干预会增加货币供给量，从而增加通胀压力。A正确。
B是不正确的，因为被低估的货币可能会降低干预的效用，无论是冲销的还是未冲销的干预。
C是不正确的，因为push以及
pull因素都可能导致泡沫状况、汇率过度升值，以及不必要的过度投机仓位。
