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B is correct. Kumar’s second point regarding Danish bonds is incorrect. When two currencies are pegged or linked, the bond yields of the country with the weaker currency are likely to rise higher unless the market is confident that the government will maintain the peg. C is incorrect because Kumar’s first point regarding Chilean bonds is a true statement. If a country’s exchange rate is severely undervalued and is expected to rise substantially against another country’s, then bond yields in the first country will be lower than they would otherwise be in relation to the other country. Since Chile’s exchange rate relative to Great Britain’s is undervalued, we would expect the Chilean bond yields to be lower than they should be as compared to the yields on the British bonds. A is incorrect because Kumar’s third point with respect to Singapore and Sweden is a true statement. Although real yields can vary, they can and do tend to move together. Because the Chilean peso appears to be undervalued relative to the British pound and is likely to rise, Chilean bond yields may be lower than they should be relative to British bonds. The peg linking Denmark’s currency to the euro is considered to be at risk and likely to break. Therefore, Danish bond yields are expected to drop if the Danish krone weakens relative to the euro. After removing expected inflation, the real bond yield is likely to be similar in Singapore and Sweden.