问题如下：
4. The most important risk to Björk‘s Latin American currency hedge would be changes in:
选项：
A. forward points.
B. exchange rate volatility.
C. cross-currency correlations.
解释：
C is correct.
A cross hedge exposes the fund to basis risk; that is, the risk that the hedge fails to protect against adverse currency movements because the correlations between the value of the assets being hedged and the hedging instrument change.
A is incorrect because movements in forward points (and hence roll yield) would be of secondary importance compared to the basis risk of a cross hedge.
B is incorrect because exchange rate volatility would not necessarily affect a hedge based on forward contracts, as long as the correlations between the underlying assets and the hedge remained stable. Although relevant, volatility in itself is not the -most- important risk to consider for a cross-hedge. (However, movements in volatility would affect hedges based on currency options.)
这道题我在笔记上写的A选项书第二重要的，什么意思
