NO.PZ2020012005000033
问题如下：
A gold producer enters into a forward contract with an investment bank to sell 10,000 ounces of gold for USD 1,200 per ounce. Explain how the bank would hedge its risk without using futures contracts.
选项：
解释：
The bank can borrow gold from a central bank (paying the lease rate) and sell it in the market (investing the proceeds of the sale). When the forward contract matures, the bank buys the gold from the gold producer and returns it the central bank.
题目说一家gold producer与银行签了一个short forward的合约，对于银行来说是long position，风险在于未来价格上涨，问银行在不通过期货合约的方式如何对冲风险。
答案是银行通过向央行借了黄金，卖掉并得到资金，在未来与gold producer交割，买来黄金，再还回央行并支付lease rate。这个动作就类似做空。所以银行是没有另外再签期货合约的。
以上理解是否正确呢？
