CME的[Example 8]
Q3: What is the likely short-term impact of capital flows on the exchange rate?
The initial impact may be offset to some extent by flows out of government bonds as investors push yields up in anticipation of increasing supply,
but as bonds are repriced to offer a higher expected return (a higher term premium), it will reinforce the upward pressure on the exchange rate.
请问：
国债的发行是导致国际资本流出还是流入？ offset是指什么来冲销currency appreciation ?
