请问这里EUR升值，USD贬值，在计算Portfolio B时，5%应该用负数吗？

NO.PZ201601050100000102 问题如下 2. Analyze the foreign-currenreturn for Portfolio Justify your choice.   Justification The mestic-currenreturn for Portfolio B is 0%, anthe EUR appreciate5% against the US therefore, the foreign-currenreturn for Portfolio B is necessarily negative. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thonagain, the mestic curren — the US — is the pricurrenin the USEUR quote for RFX.) Solving for RF(1 + RFC)(1 + 5%) – 1 = 0%; RFC = –4.76%中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC)(1 + RFX) – 1根据题干信息可知，现在RFX=5%，R =0，需要求解RFC。带入公式R = (1 + RFC)(1 + RFX) – 1计算即可。 老师好！货币表现形式是USEUR, EUR升值5%，USEUR 为什么不是降低5% 即R(FX)=-5%？谢谢！

NO.PZ201601050100000102 问题如下 2. Analyze the foreign-currenreturn for Portfolio Justify your choice.   Justification The mestic-currenreturn for Portfolio B is 0%, anthe EUR appreciate5% against the US therefore, the foreign-currenreturn for Portfolio B is necessarily negative. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thonagain, the mestic curren — the US — is the pricurrenin the USEUR quote for RFX.) Solving for RF(1 + RFC)(1 + 5%) – 1 = 0%; RFC = –4.76%中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC)(1 + RFX) – 1根据题干信息可知，现在RFX=5%，R =0，需要求解RFC。带入公式R = (1 + RFC)(1 + RFX) – 1计算即可。 题目中也没让写数值，如果算错了还可能倒扣分，请问老师不写数值，只作定量解答可以吗？nagative. Exchange rate of return is 5% sinEUR appreciate against US an0% mestic-currenreturn for Portfolio therefore foregin-currecny portfolio return is negative accong to the mestic currenreturn function.

NO.PZ201601050100000102 问题如下 2. Analyze the foreign-currenreturn for Portfolio Justify your choice.   Justification The mestic-currenreturn for Portfolio B is 0%, anthe EUR appreciate5% against the US therefore, the foreign-currenreturn for Portfolio B is necessarily negative. The mestic-currenreturn on a foreign portfolio will refleboth the foreign-currenreturn on the portfolio anthe percentage movements in the spot exchange rate between the mestic anforeign currency. The mestic-currenreturn is multiplicative with respeto these two factors: R = (1 + RFC)(1 + RFX) – 1 where R is the mestic-currenreturn (in percent), RFC is the foreign-currenreturn of the asset (portfolio), anRFX is the percentage change of the foreign currenagainst the mestic currency. (Note thonagain, the mestic curren — the US — is the pricurrenin the USEUR quote for RFX.) Solving for RF(1 + RFC)(1 + 5%) – 1 = 0%; RFC = –4.76%中文解析本小题考察的是外汇投资中return的计算公式R = (1 + RFC)(1 + RFX) – 1根据题干信息可知，现在RFX=5%，R =0，需要求解RFC。带入公式R = (1 + RFC)(1 + RFX) – 1计算即可。 我觉得这样写0=（1+R(FC)）x（1+0.05）-1R(FC)=-4.76%the foreign currenportfolio return is negative.言简意赅