NO.PZ202208100100000501
问题如下：
Based on the information provided in Exhibit 1, the domestic currency value of Dias’s foreign investments most likely:
选项：
A.decreased because of changes in the domestic currency value of foreign asset holdings.
increased because of changes in the domestic currency value of UK assets but decreased because of changes in the domestic currency value of German assets.
increased because of changes in the domestic currency value of foreign asset holdings.
解释：
Solution
C is correct. The domestic currency value of Dias’s portfolio of foreign assets most likely increased because of changes in the domestic currency value of foreign asset holdings. The domestic currency return of the portfolio of foreign assets is:
RDC = w1(1 + RFC,GBP )(1 + RFX,GBP ）+ w2(1 + RFC,EUR )(1 + RFX,EUR ) – 1
= 0.659(86,000,000/83,400,000)(4.1025/3.8729) + 0.341(51,000,000/55,000,000)(3.5142/3.0359)
= 0.659(1.0312)(1.0592) + 0.341(0.9273)(1.1575)
= 0.659(1.0923) + 0.341(1.0734)
= 0.0858
The calculations show that the domestic currency value of the portfolio of foreign assets increased because of changes (i.e., increases) in the domestic currency value of UK and German equity investments. Note:
w1 = 322,999,860/489,974,360 = 0.659，and
w2 = 166,974,500/489,974,360 = 0.341
A is incorrect. The domestic currency value of the portfolio increased, and the domestic currency value of UK and German investments increased.
B is incorrect. The domestic currency value of the portfolio increased because of increases in the domestic currency value of UK and German investments. It is the foreign currency value of German equity investments that declined.
中文解析：
在本题中本币为BRL，由上面的计算可知本币的收益RDC为0.0858，是大于0的，因此首先判断the domestic currency value是增加了的。然后根据计算过程可知：外币英镑资产和外币欧元资产的收益率都是大于1的（分别是1.0923和1.0734），因此可以知道这两种资产都会使得本币资产增加。
老师请确认以下思路是否正确：
因为R DC是由R FC和RFX决定的，由表格观察，我们可以看到在英国和德国，资产return都为正，相当于RFC为正，而英镑和欧元都是升值，也就是RFX也为正，那么就可以判断RDC为正。因此不用计算，也可以做对。
