NO.PZ202105270100000505
问题如下：
Based on Bader’s expectations for current account secular trends as shown in Exhibit 1, Bader should reallocate capital, all else being equal, from:
选项：
A.Country A to Country C. B.Country B to Country A. C.Country C to Country A.解释：
A is correct.
Bader should reallocate capital from Country A, which is expected to have a secularly rising current account deficit, to Country C, which is expected to have a secularly rising current account surplus. A rising current account deficit will tend to put upward pressure on real required returns and downward pressure on asset prices, whereas a rising current account surplus (or narrowing deficit) will put downward pressure on real required returns and upward pressure on asset prices. Analysts should consider reallocation of portfolio assets from countries with secularly rising current account deficits to those with secularly rising current account surpluses (or narrowing deficits).
巴德尔应该将资本从A国(预计经常账户赤字将长期上升)重新配置到C国(预计经常账户盈余将长期上升)。不断上升的经常账户赤字往往会给实际所需回报带来上行压力，给资产价格带来下行压力，而不断上升的经常账户盈余(或赤字缩小)则会给实际所需回报带来下行压力，给资产价格带来上行压力。分析师应考虑将投资组合资产从经常账户赤字长期上升的国家重新配置到经常账户盈余长期上升(或赤字不断缩小)的国家。
A国进口多，本国对美元需求大，美元升值，A币贬值；C国出口多，赚美元多，本国美元供应量大，美元贬值，C币升值。因此应该从A国转移配置到C国。
