题目
A German housing corporation needs to hedge against rising interest rates. It has chosen to use futures on 10-year German government bonds. Which position in the futures should the corporation take, and why?
选项
A.Take a long position in the futures because rising interest rates lead to rising futures prices.
B.Take a short position in the futures because rising interest rates lead to rising futures prices.
C.Take a short position in the futures because rising interest rates lead to declining futures prices.
D.Take a long position in the futures because rising interest rates lead to declining futures prices.
答案
C
解析
Government bond futures decline in value when interest rates rise, so the housing corporation should short futures to hedge against rising interest rates.当利率上升时，政府债券期货会贬值，因此房地产公司应该做空期货来对冲利率上升的风险。