问一道题：NO.PZ2020020601000060

NO.PZ2020020601000060 问题如下 Until recently, Country A anCountry B hsimilinterest rates. The centrbank of Country A hjust increaseinterest rates. A speculator thinks this will leto internationinvestors moving fun from Country B’s currento Country A’s currento earn the higher interest rate. This will increase the manfor currenana result, currenA will strengthen relative to currenWhspot or forwartras shoulthe speculator ? The speculator thinks thcurrenA will strengthen. However, interest rate parity incates thit is weaker in the forwarmarket. If the speculator is right, he or she will make money buying currenA with currenB in the spot market anthen selling it on the livery te. 看了其他解答，更加疑惑了，这道题到底是short fowar还是Long forwarA啊？

NO.PZ2020020601000060 问题如下 Until recently, Country A anCountry B hsimilinterest rates. The centrbank of Country A hjust increaseinterest rates. A speculator thinks this will leto internationinvestors moving fun from Country B’s currento Country A’s currento earn the higher interest rate. This will increase the manfor currenana result, currenA will strengthen relative to currenWhspot or forwartras shoulthe speculator ? The speculator thinks thcurrenA will strengthen. However, interest rate parity incates thit is weaker in the forwarmarket. If the speculator is right, he or she will make money buying currenA with currenB in the spot market anthen selling it on the livery te. t=0，speculator 借入B，买A，把A存银行赚高利息，对吗？t=t, speculator取回A本息，买B还银行，是这样吗？这样能套利吗？是不是要有前提条件，A的利率要超过AB的汇率才行呢？谢谢老师。

NO.PZ2020020601000060 问题如下 Until recently, Country A anCountry B hsimilinterest rates. The centrbank of Country A hjust increaseinterest rates. A speculator thinks this will leto internationinvestors moving fun from Country B’s currento Country A’s currento earn the higher interest rate. This will increase the manfor currenana result, currenA will strengthen relative to currenWhspot or forwartras shoulthe speculator ? The speculator thinks thcurrenA will strengthen. However, interest rate parity incates thit is weaker in the forwarmarket. If the speculator is right, he or she will make money buying currenA with currenB in the spot market anthen selling it on the livery te. “However, interest rate parity incates thit is weaker in the forwarmarket”.和“buying currenA with currenB in the spot market anthen selling it on the livery te.”是不是没有关系啊？前一句是说根据利率平价理论，currencyA相对于B会贬值，按这个逻辑，应该做空currencyA，那就是先borrow A，投资获得收益，同时签订long forwar议，未来买A还期初借来的A。但后面这句话就是针对speculator判断的currenA相对于B会升值的做法，即期初买A，期末以高价卖A。

A贬值，远期时，按老师讲的 short B/A,即卖A买B，即在远期用货币A换货币B，那么，在远期我们得现有货币A，故在T0时刻是用B换A。现在我们假设T0时刻汇率为2B/A，远期时刻汇率为1B/A，很明显，A贬值，符合条件。在假设，我们to时刻有10个B，那么t0时刻可以换到5个A，那么，在远期时刻我们用5个A换称5个B，原先是10个B，这不是亏了吗？我不理解。请老师解惑。