问题如下图：
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解释：
为什么是比较六个月后的forward 和spot rate
NO.PZ2018111501000021问题如下Fun Brasil (Fis a Brazilisovereign wealth fun FB hlong equity positionsin AustralianSwiss equities. Spot anforwarmarket curreninformationfor AUanCHF is proviin Exhibit 1. FB managers have askeCampos foraion whether it woulappropriate to hee the currenexposure withforwarcontracts in AUanCHF. Campos incates she will examine the use offorwarcontracts to hee currenexposure.Baseon theinformation proviin Exhibit 1, the most appropriate risk neutrstrategyis for FB to: A.unr-hee AUanover-heeCHF.B.over-hee AUannot heeCHF.C.unr-hee CHF annot heeAUB iscorrect.考点Tools ofCurrenManagement: Forwar析用forwarontracts对冲外汇风险，对冲的是卖AUCHF的外汇风险，所以将来是short AUforwar short CHF forwar相比预测的未来6个月的汇率（即不用合约锁定的汇率），2.1523 2.0355，所以应当hee AU锁定更高的卖AU价格。并且over-hee可以带来更高的收益。对于BRL/CHF， 2.4641 2.5642, 所以不hee时，卖CHF的价格更高。 为什么neutral了？
NO.PZ2018111501000021 问题如下 Fun Brasil (Fis a Brazilisovereign wealth fun FB hlong equity positionsin AustralianSwiss equities. Spot anforwarmarket curreninformationfor AUanCHF is proviin Exhibit 1. FB managers have askeCampos foraion whether it woulappropriate to hee the currenexposure withforwarcontracts in AUanCHF. Campos incates she will examine the use offorwarcontracts to hee currenexposure.Baseon theinformation proviin Exhibit 1, the most appropriate risk neutrstrategyis for FB to: A.unr-hee AUanover-heeCHF. B.over-hee AUannot heeCHF. C.unr-hee CHF annot heeAU B iscorrect.考点Tools ofCurrenManagement: Forwar析用forwarontracts对冲外汇风险，对冲的是卖AUCHF的外汇风险，所以将来是short AUforwar short CHF forwar相比预测的未来6个月的汇率（即不用合约锁定的汇率），2.1523 2.0355，所以应当hee AU锁定更高的卖AU价格。并且over-hee可以带来更高的收益。对于BRL/CHF， 2.4641 2.5642, 所以不hee时，卖CHF的价格更高。 如果我把改成: over-hee AUanunr hee CHF对吗?讲义都只有讲到hee anunhee, 有unrhee吗unrhee是风险更大但收益更多吗?
NO.PZ2018111501000021 问题如下 Fun Brasil (Fis a Brazilisovereign wealth fun FB hlong equity positionsin AustralianSwiss equities. Spot anforwarmarket curreninformationfor AUanCHF is proviin Exhibit 1. FB managers have askeCampos foraion whether it woulappropriate to hee the currenexposure withforwarcontracts in AUanCHF. Campos incates she will examine the use offorwarcontracts to hee currenexposure.Baseon theinformation proviin Exhibit 1, the most appropriate risk neutrstrategyis for FB to: A.unr-hee AUanover-heeCHF. B.over-hee AUannot heeCHF. C.unr-hee CHF annot heeAU B iscorrect.考点Tools ofCurrenManagement: Forwar析用forwarontracts对冲外汇风险，对冲的是卖AUCHF的外汇风险，所以将来是short AUforwar short CHF forwar相比预测的未来6个月的汇率（即不用合约锁定的汇率），2.1523 2.0355，所以应当hee AU锁定更高的卖AU价格。并且over-hee可以带来更高的收益。对于BRL/CHF， 2.4641 2.5642, 所以不hee时，卖CHF的价格更高。 老师，这里有个逻辑点和上课的知识点自己理解上有断层的感觉，请帮忙确认下在确认要hee的情况下，short forwaron 外币，而外币的rolling yiel正，所以我们就要over hee外币。这里over hee的原因是什么呢？是否可以本币US外币AU举个例子说明？
NO.PZ2018111501000021 问题如下 Fun Brasil (Fis a Brazilisovereign wealth fun FB hlong equity positionsin AustralianSwiss equities. Spot anforwarmarket curreninformationfor AUanCHF is proviin Exhibit 1. FB managers have askeCampos foraion whether it woulappropriate to hee the currenexposure withforwarcontracts in AUanCHF. Campos incates she will examine the use offorwarcontracts to hee currenexposure.Baseon theinformation proviin Exhibit 1, the most appropriate risk neutrstrategyis for FB to: A.unr-hee AUanover-heeCHF. B.over-hee AUannot heeCHF. C.unr-hee CHF annot heeAU B iscorrect.考点Tools ofCurrenManagement: Forwar析用forwarontracts对冲外汇风险，对冲的是卖AUCHF的外汇风险，所以将来是short AUforwar short CHF forwar相比预测的未来6个月的汇率（即不用合约锁定的汇率），2.1523 2.0355，所以应当hee AU锁定更高的卖AU价格。并且over-hee可以带来更高的收益。对于BRL/CHF， 2.4641 2.5642, 所以不hee时，卖CHF的价格更高。 题目作对，想深入理解概念（对比）
NO.PZ2018111501000021问题如下Fun Brasil (Fis a Brazilisovereign wealth fun FB hlong equity positionsin AustralianSwiss equities. Spot anforwarmarket curreninformationfor AUanCHF is proviin Exhibit 1. FB managers have askeCampos foraion whether it woulappropriate to hee the currenexposure withforwarcontracts in AUanCHF. Campos incates she will examine the use offorwarcontracts to hee currenexposure.Baseon theinformation proviin Exhibit 1, the most appropriate risk neutrstrategyis for FB to: A.unr-hee AUanover-heeCHF.B.over-hee AUannot heeCHF.C.unr-hee CHF annot heeAUB iscorrect.考点Tools ofCurrenManagement: Forwar析用forwarontracts对冲外汇风险，对冲的是卖AUCHF的外汇风险，所以将来是short AUforwar short CHF forwar相比预测的未来6个月的汇率（即不用合约锁定的汇率），2.1523 2.0355，所以应当hee AU锁定更高的卖AU价格。并且over-hee可以带来更高的收益。对于BRL/CHF， 2.4641 2.5642, 所以不hee时，卖CHF的价格更高。 比如我们害怕 AU和 CHF 跌，所以short forwar但是对于AUF S 所以是contango，对于short forwar有一个positive roll yiel所以鼓励hee，相反对于CHF，backwartion，所以negative roll yiel不鼓励hee，
