汇率

问题如下：

QuestionConcerning the foreign exchange market, an arbitrage relationship driven by countries' relative interest rates forms the foundation for:

选项：

A.real exchange rates.

B.forward exchange rates.

C.nominal exchange rates.

解释：

1. Incorrect because real exchange rates are not based on an arbitrage relationship. Instead, they are indicators used by economists and analysts to assess changes in the relative purchasing power of one currency compared to another.
2. Correct because forward exchange rates are established based on an arbitrage relationship that equalizes the investment return on two equivalent investments, involving the relative risk-free interest rates of the two concerned countries. The arbitrage relationship is represented as F_f/d = S_f/d(1 + i_f)/(1 + i_d), where Ff/d is the forward rate, Sf/d is the spot rate, and if (id) represents the foreign (domestic) risk-free interest rate.
3. Incorrect because nominal exchange rates are set by market forces, such as capital flows and trade flows, and do not involve relative interest rates as part of their specific arbitrage relationship. Instead, they represent the number of units of one currency (price currency) that one unit of another currency (base currency) will purchase in the market

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A不正确, 因为实际汇率不是基于套利关系。相反，它们是经济学家和分析师用来评估一种货币相对于另一种货币的相对购买力变化的指标。

B正确，因为远期汇率是建立在一种套利关系的基础上的，这种套利关系使两项等价投资的投资回报相等，涉及两个相关国家的相对无风险利率。套利关系表示为Ff/d = Sf/d(1 + if)/(1 + id)，其中Ff/d为远期汇率，Sf/d为即期汇率，if (id)为国外(国内)无风险利率。

C不正确,因为名义汇率是由市场力量决定的，比如资本流动和贸易流动，而不涉及相对利率。相反，它们代表了价格货币相对于与基础货币，可以在市场上购买的数量.