NO.PZ2018113001000092
问题如下：
A fund manager observes that interest rates
in the US dollar are much lower than in India and remain wide spread for a long
time.
Based on this observation, describe what strategy
should he take.
选项：
解释：
Answer:
In this case, Interest rates in India are
higher than in the United States, so the dollar is a low rate currency or
forward premium currency, the Rupee is a high rate currency or forward discount
currency.
The manager should borrow from the low-rate currency and invest in the high-rate currency to earn the difference between the two countries; or invest in the forward discount currency and borrow the forward premium currency.
中文解析：
美元的利率低于印度卢比的利率，因此可以执行carry trade策略，借低利率货币投资于高利率货币，其中低利率货币又叫做forward premium currency，高利率货币又叫做forward discount currency。
老师你好，我理解的forward premium和forward discount的定义是：F>S，则roll yield>0，即有forward premium；反之则为forward discount。这里突然出现 forward premium currency 和 forward discount currency，我觉得很突兀，也不大理解。。
另外附上我对这道题的答案，请老师批改一下～谢谢！
Answer：The fund manager should use the carry trade strategy, that is, borrowing money from US and invest it in the Indian market. Meanwhile, he should also be aware that currency risks could happen, such as the depreciation of Indian currency, so the short forwards of indian currency should be adopted.
