不是很理解

问题如下：

A receive-fixed USD, pay-floating JPY currency swap is equivalent to a receive-fixed USD, pay-fixed JPY currency swap paired with a:

选项：

A.A.pay-fixed, receive-floating JPY interest rate swap.

B.B.receive-fixed, pay-floating JPY interest rate swap.

C.C.receive-fixed, pay-floating USD interest rate swap.

解释：

A Incorrect because a pay-fixed, receive-floating JPY interest rate swap paired with the currency swap does not offset the cash flows of the pay-fixed JPY leg of the currency swap, on the contrary it duplicates the pay-fixed JPY leg. A receive-fixed USD, pay-floating JPY currency swap is synthetically created when the pay-fixed JPY cash flows of the fixed-for-fixed currency swap offset with the receive-fixed cash flows of the JPY interest rate swap, resulting in net cash flows of pay-floating JPY (from the JPY interest rate swap).

B Correct because a fixed-for-floating currency swap (i.e., receive-fixed USD, pay-floating JPY) is simply a fixed-for-fixed currency swap (i.e., receive-fixed USD, pay-fixed JPY) paired with a fixed-for-floating interest rate swap (i.e., receive-fixed JPY, pay-floating JPY).

C Incorrect because a receive-fixed, pay-floating USD interest rate swap paired with the currency swap does not offset the cash flows of the pay-fixed JPY leg of the currency swap to create a receive-fixed USD, pay-floating JPY currency swap.