这道题目没太看懂，可以解释一下吗？

NO.PZ201601050100000108 问题如下 The funmanager of Portfolio B believesthsetting up a full currenhee requires a simple matching of the currentmarket value of the foreign-currenexposure in the portfolio with equalanoffsetting position in a forwarcontract. Explain how the hee, scribethe funmanager, will eventually expose the portfolio to currenrisk. In practice, matching the current market value of the foreign-currenexposure in the portfolio with equanoffsetting position in a forwarcontrais likely to ineffective over time because the market value of foreign-currenassets will change with market contions. A static hee (i.e., unchanging hee) will tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This will result in a mismatbetween the market value of the foreign-currenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee (resulting in currenrisk). For this reason, the portfolio manager will generally neeto implement a namic hee rebalancing the portfolio periocally.中文解析在实务中，使用远期合约进行对冲时，约定的合约规模是期初时投资组合的规模，但这随着时间的推移将会变得无效，因为需要对冲的外币资产的市场价值是会随着市场条件而变化的，因此对冲的规模也应该随之变化。静态套期保值(即不变套期保值)往往会随着外币资产价值的变化而累积不必要的货币风险。这将导致外币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间的错配(导致货币风险)。由于这个原因，投资组合经理通常需要通过定期重新平衡投资组合来实现动态对冲。 我回答是 we neeuse fferent hee instruments fferent time 或者 we neeuse namic heing stratge

NO.PZ201601050100000108 问题如下 The funmanager of Portfolio B believesthsetting up a full currenhee requires a simple matching of the currentmarket value of the foreign-currenexposure in the portfolio with equalanoffsetting position in a forwarcontract. Explain how the hee, scribethe funmanager, will eventually expose the portfolio to currenrisk. In practice, matching the current market value of the foreign-currenexposure in the portfolio with equanoffsetting position in a forwarcontrais likely to ineffective over time because the market value of foreign-currenassets will change with market contions. A static hee (i.e., unchanging hee) will tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This will result in a mismatbetween the market value of the foreign-currenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee (resulting in currenrisk). For this reason, the portfolio manager will generally neeto implement a namic hee rebalancing the portfolio periocally.中文解析在实务中，使用远期合约进行对冲时，约定的合约规模是期初时投资组合的规模，但这随着时间的推移将会变得无效，因为需要对冲的外币资产的市场价值是会随着市场条件而变化的，因此对冲的规模也应该随之变化。静态套期保值(即不变套期保值)往往会随着外币资产价值的变化而累积不必要的货币风险。这将导致外币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间的错配(导致货币风险)。由于这个原因，投资组合经理通常需要通过定期重新平衡投资组合来实现动态对冲。 因为我在答题时没有意识到fully hee=static hee=static hee会造成mismatch从而导致currenrisk，而是直接从题目\"什么会最终导致currenrisk\"。于是思考做hee就会有方向做反的风险——我理解也是mismatch的一种形式，以及题干中用的是forwar相较于futures是会有counterparty risk，所以我的回答如下，请问是否可以？1.exchange rate moves to the opposite rection against expectation mcause losses.2.counterparty risk full currenhee is implementeforwar it's OTC tra whiesn't require MTM valuation.

NO.PZ201601050100000108 问题如下 The funmanager of Portfolio B believesthsetting up a full currenhee requires a simple matching of the currentmarket value of the foreign-currenexposure in the portfolio with equalanoffsetting position in a forwarcontract. Explain how the hee, scribethe funmanager, will eventually expose the portfolio to currenrisk. In practice, matching the current market value of the foreign-currenexposure in the portfolio with equanoffsetting position in a forwarcontrais likely to ineffective over time because the market value of foreign-currenassets will change with market contions. A static hee (i.e., unchanging hee) will tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This will result in a mismatbetween the market value of the foreign-currenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee (resulting in currenrisk). For this reason, the portfolio manager will generally neeto implement a namic hee rebalancing the portfolio periocally.中文解析在实务中，使用远期合约进行对冲时，约定的合约规模是期初时投资组合的规模，但这随着时间的推移将会变得无效，因为需要对冲的外币资产的市场价值是会随着市场条件而变化的，因此对冲的规模也应该随之变化。静态套期保值(即不变套期保值)往往会随着外币资产价值的变化而累积不必要的货币风险。这将导致外币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间的错配(导致货币风险)。由于这个原因，投资组合经理通常需要通过定期重新平衡投资组合来实现动态对冲。 the currenexposure is namic e to the changing exchange rate anasset returns of foreign countries, thus a rebalancing process is neein the constant heing strategy. In the situation where currenchanges anrisk is not completely hee currenrisk exposure will increase.

NO.PZ201601050100000108 问题如下 The funmanager of Portfolio B believesthsetting up a full currenhee requires a simple matching of the currentmarket value of the foreign-currenexposure in the portfolio with equalanoffsetting position in a forwarcontract. Explain how the hee, scribethe funmanager, will eventually expose the portfolio to currenrisk. In practice, matching the current market value of the foreign-currenexposure in the portfolio with equanoffsetting position in a forwarcontrais likely to ineffective over time because the market value of foreign-currenassets will change with market contions. A static hee (i.e., unchanging hee) will tento accumulate unwantecurrenexposures the value of the foreign-currenassets change. This will result in a mismatbetween the market value of the foreign-currenasset portfolio anthe nominsize of the forwarcontrausefor the currenhee (resulting in currenrisk). For this reason, the portfolio manager will generally neeto implement a namic hee rebalancing the portfolio periocally.中文解析在实务中，使用远期合约进行对冲时，约定的合约规模是期初时投资组合的规模，但这随着时间的推移将会变得无效，因为需要对冲的外币资产的市场价值是会随着市场条件而变化的，因此对冲的规模也应该随之变化。静态套期保值(即不变套期保值)往往会随着外币资产价值的变化而累积不必要的货币风险。这将导致外币资产组合的市场价值与用于货币对冲的远期合约的名义规模之间的错配(导致货币风险)。由于这个原因，投资组合经理通常需要通过定期重新平衡投资组合来实现动态对冲。 可不可以理解成1）不能单单买一份 Fo(N)的长期合约来hee，因为在起始点很难预估终点时的市场价格。这属于静态对冲，会产生错配。2）因此要买多分rolling的短期合约，不断靠近最终的市场价格。比如 Fo(1)+F1(2)+F2(3)。这属于动态对冲，可以解决错配的问题。