问题如下：
Consider XYZ is a US based company, which has an operation in UK. The UK company generates a net cash flow of £4,000,000 a year. It converts this cash flow into US dollars twice a year. Current spot exchange rate is 1.5 USD/GBP. To hedge the currency risk, XYZ decides to use currency swap with semiannual payments, where the fixed rate of GBP is 2.5%, and the fixed rate of USD is 3%. The swap payment in USD is:
选项：
A.$3,600,000
B.$3,000,000
C.$7,200,000
解释：
A is correct.
考点：currency swap without NP
解析：
一年产生的英镑为4,000,000，一年转化两次，所以一次需要转化的英镑为2,000,000。
互换中英镑NP*2.5%*1/2=2,000,000，所以英镑NP=160,000,000
美元NP=160,000,000*1.5=240,000,000
每期的收到的美元=240,000,000*3%*1/2=$3,600,000
为什么英镑的NP不是4000000？
