I85PREP
⌘ K
Korea Certified International Finance Specialist study materials
Korea Certified International Finance Specialist study resources

Korea Certified International Finance Specialist practice questions

One question at a time. Build your Korea Certified International Finance Specialist understanding.

First 50 of 200 questions. Each one lists the choices, the correct answer, and an explanation. The checker at the top of this page saves progress in this browser when it is available.

Continue in the practice tool above to load more questions, 50 at a time.

Question 1International Finance and Global Capital Markets

In the foreign exchange market, which quotation convention expresses the value of one unit of foreign currency in terms of the domestic currency?

  1. Cross rate quotation
  2. Forward quotation
  3. Direct quotation Correct answer.
  4. Indirect quotation

Explanation

A direct quotation states the domestic-currency price of one unit of foreign currency, so a Korean bank quoting KRW per USD is using a direct quote. An indirect quote reverses this and expresses foreign currency per unit of domestic currency. Cross rates and forward rates describe other dimensions of the quotation, not the domestic/foreign orientation.

Question 2International Finance and Global Capital Markets

A Korean exporter expects to receive USD 1,000,000 in three months and wants certainty about the KRW proceeds. Which instrument most directly locks in the exchange rate today?

  1. A currency swap receiving floating USD
  2. A currency futures contract bought on an exchange
  3. A USD-denominated money market deposit
  4. A forward contract to sell USD against KRW Correct answer.

Explanation

Selling USD forward fixes the KRW amount the exporter will receive at maturity, removing transaction exposure. Buying futures or receiving floating USD would increase rather than hedge the short USD exposure. A USD deposit does not eliminate the KRW conversion risk.

Question 3International Finance and Global Capital Markets

Which statement best describes the role of a correspondent banking relationship in international payments?

  1. It converts all foreign exchange risk into interest rate risk
  2. It guarantees the creditworthiness of the importer to the exporter
  3. It sets the official policy interest rate applied to trade finance loans
  4. It allows a bank to settle cross-border payments through a partner bank in the counterparty's currency and jurisdiction Correct answer.

Explanation

Correspondent banks hold accounts (nostro/vostro) for partner banks abroad, enabling settlement in the local clearing system where the payment currency is issued. They do not set policy rates, guarantee importer credit, or transform FX risk into interest rate risk. The arrangement is operational and settlement-focused.

Question 4International Finance and Global Capital Markets

An importer in Korea wants assurance that payment will only be made after goods are shipped and documents conform. Which trade finance instrument best matches this need?

  1. A clean bill of exchange
  2. A documentary letter of credit Correct answer.
  3. An open account arrangement
  4. A standby letter of credit used purely as a bid bond

Explanation

A documentary letter of credit makes payment conditional on presentation of conforming shipping documents, protecting the importer against non-shipment. Open account gives no such documentary control, and a clean bill is not tied to shipping documents. A bid-bond standby supports tender obligations rather than shipment performance.

Question 5International Finance and Global Capital Markets

Which of the following is normally a component of a country's current account in the balance of payments?

  1. Changes in official reserve assets
  2. Portfolio equity purchases by non-residents
  3. Net exports of goods and services Correct answer.
  4. Foreign direct investment inflows

Explanation

The current account records trade in goods and services, primary income, and secondary income. Foreign direct investment, portfolio flows, and reserve changes belong to the financial account. Confusing these categories is a common error in balance of payments analysis.

Question 6International Finance and Global Capital Markets

According to interest rate parity, if the one-year KRW interest rate is higher than the one-year USD rate, the forward USD/KRW rate should generally:

  1. Be unrelated to the interest rate differential
  2. Trade at a discount relative to the spot rate
  3. Equal the spot rate exactly
  4. Trade at a premium relative to the spot rate Correct answer.

Explanation

Covered interest parity implies that the currency with the lower interest rate trades at a forward premium, offsetting the interest advantage of the higher-yielding currency. Since USD yields less than KRW, the forward USD/KRW rate should be higher than spot, meaning USD trades at a premium. Arbitrage enforces this relationship rather than leaving the forward rate unrelated to rates.

Question 7International Finance and Global Capital Markets

A bank's one-day 99% value-at-risk on its FX trading book is USD 5 million. Which interpretation is most appropriate?

  1. Maximum possible loss over any one-day horizon is USD 5 million
  2. The portfolio will lose exactly USD 5 million on the worst day of the year
  3. Losses are expected to exceed USD 5 million on about one trading day in one hundred Correct answer.
  4. Average daily loss over the year will be USD 5 million

Explanation

VaR at 99% states that losses should exceed the threshold on roughly 1% of days under normal market conditions. It is not a worst-case bound, since tail losses beyond VaR can be much larger. Nor does it describe an average or a deterministic loss.

Question 8International Finance and Global Capital Markets

Which factor most directly increases a country's vulnerability to a sudden stop in cross-border capital flows?

  1. A persistent current account surplus
  2. High domestic savings relative to investment
  3. A long average maturity of external liabilities
  4. A large stock of short-term external debt relative to reserves Correct answer.

Explanation

Heavy short-term external debt relative to reserves creates refinancing pressure if foreign creditors refuse to roll over claims, which is the essence of a sudden stop. Long maturities, current account surpluses, and high savings reduce rather than increase this vulnerability. The composition of liabilities matters more than their total size alone.

Question 9International Finance and Global Capital Markets

An investor holds a Korean bond paying a fixed coupon and expects Korean interest rates to fall. What is the likely effect on the bond's price?

  1. The price rises because future cash flows are discounted at a lower rate Correct answer.
  2. The price falls because coupon payments become less valuable
  3. The price falls only if the bond's credit rating is downgraded
  4. The price is unchanged because the coupon is fixed

Explanation

Bond prices move inversely with yields, so when market rates fall, existing fixed coupons become more attractive and the present value of cash flows rises. The fixed coupon itself does not change, but its valuation relative to market rates does. A downgrade is a separate credit event, not the interest rate effect described.

Question 10International Finance and Global Capital Markets

Which of the following best describes the function of a currency swap between two counterparties?

  1. A one-off spot purchase of foreign currency for immediate delivery
  2. A loan syndicated among several banks in a single currency
  3. Exchange of principal and interest in different currencies over a defined period Correct answer.
  4. A guarantee issued to a beneficiary against non-performance

Explanation

A currency swap involves exchanging principal amounts in different currencies at inception and reversing them at maturity, with periodic interest payments in each currency. It differs from a spot transaction, which settles immediately, and from a guarantee or syndicated loan. Swaps are used to obtain funding in a desired currency and to manage FX exposure.

Question 11International Finance and Global Capital Markets

A Korean firm issues a USD-denominated bond but earns revenue mainly in KRW. Which risk does this create?

  1. Operating exposure arising from competitors' pricing
  2. Transaction exposure from debt service in a foreign currency Correct answer.
  3. Interest rate basis risk on floating-rate debt
  4. Translation risk on its foreign subsidiary's equity

Explanation

Servicing USD debt from KRW revenue creates a contractual foreign currency cash flow obligation, which is transaction exposure. Translation risk concerns consolidating foreign subsidiaries, and operating exposure concerns future competitive pricing. Basis risk relates to floating-rate indices rather than currency mismatch.

Question 12International Finance and Global Capital Markets

Which statement about the offshore Korean won market (the Kimchi bond market) is accurate?

  1. It is a domestic market restricted to Korean government issuers
  2. It refers to USD bonds issued by Korean companies in New York
  3. It is a market for short-term trade bills denominated in EUR
  4. It refers to KRW-denominated bonds issued outside Korea, primarily by foreign issuers Correct answer.

Explanation

Kimchi bonds are won-denominated debt issued in the offshore market, usually by foreign borrowers seeking KRW funding. They differ from domestic won bonds and from USD-denominated Korean issuer debt such as Yankee bonds. The market is not limited to government issuers or to EUR trade bills.

Question 13International Finance and Global Capital Markets

An analyst observes that the KRW has depreciated sharply against the USD. Which consequence is most likely for a Korean importer paying in USD?

  1. No change in KRW cost if the contract is fixed
  2. Higher KRW cost for the same USD invoice Correct answer.
  3. A reduction in the importer's transaction exposure
  4. Lower KRW cost for the same USD invoice

Explanation

A weaker KRW means more won are needed to buy each dollar, raising the local-currency cost of USD-denominated imports. A fixed contract price in USD does not shield the importer from the exchange rate change. Depreciation increases, rather than reduces, the importer's transaction exposure.

Question 14International Finance and Global Capital Markets

Which of the following is the primary purpose of the IMF's quota system for member countries?

  1. To regulate commercial banks' capital adequacy ratios
  2. To fix the exchange rate of each member currency
  3. To set each member's capital contribution and access to IMF financing Correct answer.
  4. To determine each member's sovereign credit rating

Explanation

IMF quotas determine a member's financial contribution, voting power, and access to Fund resources such as drawing arrangements. They do not set credit ratings, fix exchange rates, or regulate bank capital. Quota reviews therefore have both financial and governance implications.

Question 15International Finance and Global Capital Markets

A company wants to hedge a future EUR payment but prefers flexibility to benefit if EUR weakens, while limiting the cost of the hedge. Which strategy fits best?

  1. A purchased EUR call option Correct answer.
  2. Selling EUR receivables outright today
  3. A forward contract to buy EUR
  4. A purchased EUR put option

Explanation

A company that must buy EUR is exposed to EUR appreciation, so a EUR call option provides protection while allowing the firm to benefit if EUR falls. A forward locks the rate with no upside, while a put protects against EUR weakness, the opposite risk. Selling EUR today does not match a future payment need.

Question 16International Finance and Global Capital Markets

Which of the following best explains why uncovered interest parity often fails empirically in the short run?

  1. Interest rate differentials are always zero across countries
  2. Risk premia and expectation errors cause the high-yield currency to depreciate less than predicted Correct answer.
  3. Exchange rates are fixed by central banks in all major markets
  4. Forward contracts are unavailable for most currency pairs

Explanation

Uncovered interest parity assumes risk-neutral investors and rational expectations, so deviations can arise from risk premia, peso problems, and forecast errors. Empirically, high-yield currencies often depreciate less than the differential implies, generating carry returns. Fixed rates, zero differentials, and unavailable forwards are not general explanations.

Question 17International Finance and Global Capital Markets

A bank holds a long position in a bond issued by a sovereign whose credit spread widens sharply. Which risk category does this primarily represent?

  1. Operational risk
  2. Foreign exchange translation risk
  3. Credit spread risk Correct answer.
  4. Liquidity funding risk

Explanation

A widening credit spread lowers the bond's market value even if default does not occur, which is credit spread risk within market risk. Translation risk concerns currency consolidation, operational risk concerns process failures, and funding liquidity risk concerns the ability to finance obligations. The trigger here is the spread move.

Question 18International Finance and Global Capital Markets

Which of the following is a typical characteristic of a Eurobond?

  1. It is issued in a currency other than that of the country where it is sold Correct answer.
  2. It is a short-term instrument with maturity under one year
  3. It is always issued by a sovereign in its home currency
  4. It must be registered with the SEC before issuance

Explanation

Eurobonds are international bonds issued outside the issuer's home country and typically denominated in a currency different from the market where they are placed. They are not confined to sovereign issuers and are often listed on exchanges such as Luxembourg or London. They are not by definition short-term instruments.

Question 19International Finance and Global Capital Markets

An investor converts KRW to USD and invests in a one-year US Treasury bill. The investor does not hedge the currency. The return in KRW terms depends on:

  1. Only the change in the USD/KRW exchange rate
  2. Both the US T-bill yield and the change in the USD/KRW exchange rate Correct answer.
  3. Only the Korean policy rate
  4. Only the US T-bill yield

Explanation

The KRW return on an unhedged foreign asset combines the foreign-currency return with the currency's movement against the won. A stronger USD adds to the KRW return, while a weaker USD subtracts from it. Neither component alone determines the outcome, and the Korean policy rate is not a direct input.

Question 20International Finance and Global Capital Markets

Which measure is most commonly used to assess a country's ability to service short-term external debt?

  1. The ratio of government spending to GDP
  2. The ratio of bank deposits to loans
  3. The ratio of reserves to short-term external debt Correct answer.
  4. The current account balance as a share of world trade

Explanation

The reserves-to-short-term-debt ratio, often associated with the Guidotti-Greenspan rule, gauges whether reserves cover obligations falling due within a year. Government spending, world trade shares, and deposit-to-loan ratios do not directly measure external debt servicing capacity. A ratio of at least one is often viewed as a comfort threshold.

Question 21International Finance and Global Capital Markets

A company with a floating-rate USD loan expects rates to rise and wants to convert the exposure to a fixed rate. Which derivative is most suitable?

  1. Selling a KRW put option
  2. Receiving fixed in an interest rate swap
  3. Buying a USD call option
  4. Paying fixed in an interest rate swap Correct answer.

Explanation

Paying fixed and receiving floating in a swap converts a floating-rate liability into a fixed-rate one, protecting the borrower if rates rise. Receiving fixed would do the opposite, increasing exposure to rising rates. Currency options address exchange rate risk rather than the interest rate reset on the loan.

Question 22International Finance and Global Capital Markets

Which of the following best describes the concept of a sovereign wealth fund's role in global capital markets?

  1. It issues the home country's currency
  2. It manages state-owned assets and can act as a large cross-border institutional investor Correct answer.
  3. It provides deposit insurance to commercial banks
  4. It sets monetary policy for the home country

Explanation

Sovereign wealth funds invest state reserves or commodity revenues across asset classes and jurisdictions, making them significant cross-border institutional investors. They do not conduct monetary policy, insure deposits, or issue currency, which are central bank or regulatory functions. Their size and long horizon can affect global asset allocation.

Question 23International Finance and Global Capital Markets

A Korean bank borrows USD in the interbank market and lends KRW domestically. Which risk is most directly created by this currency mismatch?

  1. Equity risk from listed share price volatility
  2. Operational risk from settlement errors
  3. Funding liquidity risk in USD if the interbank market tightens Correct answer.
  4. Commodity price risk from oil exposure

Explanation

Borrowing short-term USD to fund KRW assets creates a rollover need in a foreign currency, so a tightening USD interbank market can force costly refinancing. This is a funding liquidity risk compounded by currency mismatch. Settlement errors, equity prices, and commodity prices are separate risk categories.

Question 24International Finance and Global Capital Markets

Which of the following statements about a currency's inclusion in the IMF's Special Drawing Right basket is accurate?

  1. It fixes the currency's exchange rate against the SDR
  2. It grants the currency's central bank a permanent veto over IMF lending
  3. It exempts the currency's issuers from balance of payments reporting
  4. It reflects the currency's role in international trade and finance and is reviewed periodically Correct answer.

Explanation

SDR basket composition is based on the issuing member's exports and the currency's use in international reserves and financial transactions, and it is reviewed on a regular cycle. Inclusion does not confer veto power, fix exchange rates, or exempt reporting obligations. The basket currently includes several major currencies.

Question 25International Finance and Global Capital Markets

A portfolio manager holds a diversified basket of emerging market bonds and observes that correlations among them rise during a global risk-off episode. What does this imply for diversification benefits?

  1. Diversification benefits depend only on the number of assets held
  2. Diversification benefits are unaffected by correlation changes
  3. Diversification benefits increase because correlations rise
  4. Diversification benefits weaken because assets tend to fall together Correct answer.

Explanation

Rising correlations during stress mean the assets move together, so the portfolio's risk reduction from diversification shrinks precisely when it is most needed. The number of assets alone does not determine diversification if they are highly correlated. Correlation changes are central to the assessment.

Question 26International Finance and Global Capital Markets

Under a currency board arrangement, which mechanism automatically corrects a balance-of-payments deficit?

  1. Periodic revaluation of the peg to restore competitiveness
  2. A contraction in the domestic monetary base that follows a loss of foreign reserves Correct answer.
  3. Direct administrative limits on import financing
  4. Discretionary central bank purchases of domestic government bonds

Explanation

A currency board commits to backing the monetary base fully with foreign reserves and to exchanging local currency at a fixed rate on demand. When residents buy foreign currency, reserves and the domestic monetary base fall together, pushing up local interest rates and compressing demand until the external deficit closes. There is no room for discretionary bond purchases or active revaluation, so the adjustment is automatic and rule-based.

Question 27International Finance and Global Capital Markets

Which institution publishes the Balance of Payments and International Investment Position Manual, the statistical standard used for compiling cross-border flow data?

  1. The World Trade Organization
  2. The International Monetary Fund Correct answer.
  3. The Bank for International Settlements
  4. The Organisation for Economic Co-operation and Development

Explanation

The IMF issues the Balance of Payments and International Investment Position Manual (BPM6), which defines how current, capital and financial account transactions are recorded. National compilers such as central banks follow this framework so that cross-border statistics are comparable across countries. The BIS, OECD and WTO publish related data but do not set this statistical standard.

Question 28International Finance and Global Capital Markets

A Korean exporter will receive USD 2 million in 90 days and wants certainty on the KRW amount now. Which transaction locks in the exchange rate today with no upfront premium?

  1. Buying a USD put option expiring in 90 days
  2. Purchasing a 90-day USD call option
  3. Entering a 90-day forward sale of USD against KRW Correct answer.
  4. Borrowing KRW and converting it to USD in the spot market

Explanation

A forward sale of USD against KRW fixes the rate at which the exporter will exchange its future dollar receipts, eliminating currency uncertainty without any premium. Options require an upfront premium and leave the outcome uncertain. Borrowing and converting spot currency does not address the future receivable's exchange rate.

Question 29International Finance and Global Capital Markets

Which of the following is the key difference between a global depositary receipt and a global bond?

  1. The depositary receipt represents ownership of underlying equity shares, while the bond is a debt claim paying coupons Correct answer.
  2. The depositary receipt is always issued in the issuer's home currency, while the bond is always issued in a foreign currency
  3. The depositary receipt carries a fixed maturity and coupon, while the bond has no maturity date
  4. The depositary receipt is traded only on the issuer's domestic exchange, while the bond trades internationally

Explanation

A global depositary receipt is a negotiable certificate representing shares of a company held in custody, giving foreign investors equity exposure. A global bond is a debt instrument issued in international markets that pays interest and repays principal. The distinction is therefore equity ownership versus a debt claim, not currency or listing venue.

Question 30International Finance and Global Capital Markets

A country runs a persistent current account deficit financed largely by short-term portfolio inflows. Which policy mix most directly reduces its exposure to a sudden reversal of those flows?

  1. Building foreign exchange reserves and lengthening the maturity structure of external liabilities Correct answer.
  2. Removing capital controls to attract more short-term inflows
  3. Lowering domestic interest rates to discourage inflows
  4. Fixing the exchange rate at an appreciated level

Explanation

Reserve accumulation provides a buffer to meet external obligations if inflows reverse, and shifting liabilities toward longer maturities reduces rollover pressure. Together these measures lower the risk that a sudden stop forces a disorderly adjustment. Policies that attract more short-term inflows or fix an appreciated rate increase vulnerability rather than reduce it.

Question 31International Finance and Global Capital Markets

Which statement correctly describes the relationship between a bond's yield to maturity and its coupon rate when the bond trades at a discount?

  1. The yield to maturity equals the coupon rate
  2. The yield to maturity is below the coupon rate
  3. The yield to maturity is unrelated to the coupon rate
  4. The yield to maturity is above the coupon rate Correct answer.

Explanation

When a bond trades below par, the investor pays less than face value but still receives the full coupon and principal, so the total return exceeds the coupon alone. The yield to maturity therefore exceeds the coupon rate. At par the two are equal, and at a premium the yield to maturity falls below the coupon rate.

Question 32International Finance and Global Capital Markets

An investor buys a Korean equity and simultaneously sells a KRW/USD forward to hedge the currency. Which risk remains in the position?

  1. Settlement risk on the forward contract only
  2. Transaction currency risk on the KRW value of the equity
  3. Equity price risk on the underlying stock Correct answer.
  4. Interest rate risk on the forward only

Explanation

The forward removes the exposure of the KRW value to the USD/KRW rate, but it does not protect against movements in the stock price itself. Equity price risk therefore remains the dominant residual exposure. The hedge addresses currency translation, not the market value of the underlying shares.

Question 33International Finance and Global Capital Markets

Which feature distinguishes a Yankee bond from a Eurodollar bond?

  1. The Yankee bond has no credit risk, while the Eurodollar bond carries credit risk
  2. The Yankee bond is issued in the United States by a foreign borrower and registered with the SEC, while the Eurodollar bond is issued outside the United States Correct answer.
  3. The Yankee bond is sold only to US retail investors, while the Eurodollar bond is sold only to central banks
  4. The Yankee bond is denominated in a currency other than the dollar, while the Eurodollar bond is dollar-denominated

Explanation

A Yankee bond is a dollar-denominated bond sold in the US market by a foreign issuer and subject to US securities registration. A Eurodollar bond is dollar-denominated but issued and traded outside the United States, typically avoiding SEC registration. The distinction is the market of issuance and its regulatory regime, not the currency or investor type.

Question 34International Finance and Global Capital Markets

A central bank raises its policy rate while the foreign policy rate is unchanged and capital is mobile. According to the interest rate parity framework, what is the expected effect on the spot exchange rate of the domestic currency?

  1. Immediate depreciation sufficient to offset the rate differential
  2. No change, because parity holds only in the long run
  3. Depreciation only if the central bank also intervenes
  4. Immediate appreciation, followed by expected depreciation consistent with the forward premium Correct answer.

Explanation

A higher domestic policy rate attracts capital and lifts the spot value of the domestic currency. Under covered interest parity the forward rate then embeds an offsetting expected depreciation, so the spot appreciates today while the market prices a weaker path ahead. The adjustment is not a one-off depreciation or a no-change outcome.

Question 35International Finance and Global Capital Markets

Which of the following best describes the role of a credit rating agency in the international bond market?

  1. It assigns an opinion on an issuer's creditworthiness that investors use to price credit spreads Correct answer.
  2. It sets the coupon rate that issuers must pay
  3. It guarantees repayment of principal to bondholders
  4. It acts as underwriter for new bond issues

Explanation

Rating agencies issue forward-looking opinions on an issuer's ability and willingness to meet obligations. Investors use these opinions alongside their own analysis to gauge default risk and to set the credit spread over a benchmark. The agencies do not guarantee repayment, set coupons or underwrite issues.

Question 36International Finance and Global Capital Markets

A fund holds a portfolio of Asian local-currency government bonds. Which combination of factors would most likely cause its returns to deteriorate simultaneously?

  1. Falling local yields and depreciation of local currencies
  2. Rising local yields and depreciation of local currencies against the fund's base currency Correct answer.
  3. Rising local yields and appreciation of local currencies
  4. Falling local yields and appreciation of local currencies

Explanation

Higher local yields lower bond prices, and weaker local currencies reduce the base-currency value of both coupons and principal. When both occur together, the fund suffers losses on price and on translation, which is the classic local-currency bond stress scenario. The other combinations offset each other at least partially.

Question 37International Finance and Global Capital Markets

Which of the following is a defining characteristic of a currency's inclusion in the IMF's Special Drawing Right valuation basket?

  1. The currency must have a fixed exchange rate against gold
  2. The currency must be pegged to the US dollar
  3. The currency must be freely usable and its issuing member must be a major exporter Correct answer.
  4. The currency must be issued by a member with no capital controls

Explanation

The IMF selects SDR basket currencies that are freely usable and whose issuers are among the largest exporters. These criteria reflect the currency's role in international transactions and the issuer's weight in global trade. A dollar peg, absence of capital controls or a gold link are not requirements.

Question 38International Finance and Global Capital Markets

An analyst compares a country's external debt service ratio and its reserve coverage ratio. Which interpretation is most appropriate?

  1. The debt service ratio measures reserves, while reserve coverage measures exports
  2. The debt service ratio captures annual repayment burden relative to export earnings, while reserve coverage compares reserves with short-term external debt Correct answer.
  3. Both ratios measure the same thing and one is redundant
  4. Both ratios are irrelevant for countries with floating exchange rates

Explanation

The debt service ratio relates scheduled principal and interest payments to export earnings, showing the share of foreign exchange inflows committed to debt. Reserve coverage compares the stock of reserves with short-term external debt due within a year, indicating the buffer available if refinancing stops. They capture different dimensions of external vulnerability and are complementary.

Question 39International Finance and Global Capital Markets

Which instrument would a Korean corporate treasurer use to convert a fixed-rate USD interest obligation into a floating-rate one without altering the underlying loan?

  1. A USD forward contract
  2. An interest rate swap paying floating and receiving fixed Correct answer.
  3. A credit default swap on the lender
  4. A cross-currency basis swap only

Explanation

An interest rate swap in which the treasurer pays floating and receives fixed offsets the fixed coupon on the loan, leaving a net floating exposure. The underlying loan stays in place and only the cash flow profile changes. A forward contract addresses exchange rates, not the interest rate structure.

Question 40International Finance and Global Capital Markets

A pension fund holds a long-dated foreign government bond and expects the issuer's credit spread to widen while its base yield stays unchanged. Which action best protects the position?

  1. Buying the bond on margin to increase exposure
  2. Shortening the bond's duration by buying more of the same bond
  3. Selling the bond or buying credit protection on the issuer Correct answer.
  4. Entering a currency forward to sell the base currency

Explanation

A widening credit spread lowers the bond's price even if the benchmark yield is unchanged, so reducing exposure or purchasing credit protection limits the loss. Buying more of the bond or adding leverage increases the exposure to the anticipated widening. A currency forward addresses exchange rate risk, not spread risk.

Question 41Foreign Exchange Markets and Currency Risk Management

한국 수출기업이 3개월 후 미국 바이어로부터 USD 1,000,000을 수취할 예정이다. 이 기업이 미래의 원/달러 환율 하락(원화 강세)으로 인한 손실을 확정적으로 제거하려 할 때 가장 직접적으로 사용하는 계약은?

  1. 원화 금리 상승에 베팅하는 이자율 스왑
  2. 지급불능 위험을 이전하기 위한 신용파생상품 매수
  3. 3개월 만기 USD 선도환율로 미 달러를 파는 선도외환계약 Correct answer.
  4. 3개월 만기 미 달러를 사는 선도외환계약

Explanation

외화 수취 예정자는 미래에 외화를 매도하는 선도계약으로 환율을 오늘 확정할 수 있어 원화 강세 위험을 제거한다. 선도환율은 계약 시점에 고정되므로 결제 시점의 현물환율 변동이 손익에 영향을 주지 않는다.

Question 42Foreign Exchange Markets and Currency Risk Management

통화선물(currency futures)과 장외 통화선도(OTC forward)의 차이에 대한 설명으로 옳은 것은?

  1. 통화선물은 거래소에서 표준화된 계약으로 거래되고 일일 정산된다. Correct answer.
  2. 통화선물은 만기와 금액을 자유롭게 맞출 수 있어 장외선도보다 유연하다.
  3. 장외 통화선도는 중앙청산소를 통해 매일 변동증거금을 정산한다.
  4. 통화선물은 거래상대방 신용위험이 장외선도보다 크다.

Explanation

통화선물은 거래소 상장 표준계약으로 일일 정산과 증거금 제도가 적용되어 신용위험이 낮다. 반면 장외선도는 계약 조건을 맞춤화할 수 있지만 거래상대방 신용위험을 직접 부담한다.

Question 43Foreign Exchange Markets and Currency Risk Management

원/달러 현물환율이 1,300원, 한국 1년 금리가 3.5%, 미국 1년 금리가 5.0%일 때 이자율평형이 성립하는 1년 만기 원/달러 선도환율에 가장 가까운 값은? (근사식 사용)

  1. 1,319원 Correct answer.
  2. 1,281원
  3. 1,350원
  4. 1,300원

Explanation

이자율평형에서 선도환율은 현물환율에 두 통화의 금리차를 반영한 값이다. 근사식으로 1,300 × (1 + 0.035 − 0.05) = 1,300 × 0.985 ≈ 1,281원이 아니라 부호를 반대로 적용해 1,300 × (1 + 0.05 − 0.035) = 1,319원이 된다. 금리가 높은 미국 달러는 선도시장에서 할인되어 원/달러 선도환율이 현물보다 높아진다.

Question 44Foreign Exchange Markets and Currency Risk Management

한국 기업이 USD 500,000을 6개월 후 지급해야 한다. 현재 현물환율 1,300원, 6개월 선도환율 1,315원이며 기업은 선도매수로 헤지했다. 만기 현물환율이 1,340원이 되었다면 선도헤지로 인한 결제비용 절감효과는?

  1. 12,500,000원 Correct answer.
  2. 20,000,000원
  3. 0원
  4. 7,500,000원

Explanation

선도매수로 지급환율을 1,315원에 고정했으므로 만기 현물환율 1,340원 대비 25원의 이득이 발생한다. 여기에 지급액 USD 500,000을 곱하면 25 × 500,000 = 12,500,000원의 비용 절감이다.

Question 45Foreign Exchange Markets and Currency Risk Management

수출기업이 외화 수취 예정액에 대해 통화풋옵션(풋매수)을 활용하는 목적과 그 비용에 대한 설명으로 옳은 것은?

  1. 환율 하락 시 최저 환율을 보장하면서 환율 상승 시 이익은 유지되나 프리미엄을 지불한다. Correct answer.
  2. 환율 하락 시 최저 환율을 보장하며 프리미엄 없이 무료로 제공된다.
  3. 환율 상승 시 최고 환율을 보장하고 프리미엄을 지불한다.
  4. 환율 상승 시 이익을 포기하는 대신 옵션프리미엄을 받는다.

Explanation

외화 수취자는 풋옵션 매수로 행사가격 이상의 환율을 보장받아 원화 강세 위험을 제한할 수 있다. 동시에 환율이 상승하면 옵션을 포기하고 시장환율을 적용할 수 있어 상방 이익이 남지만, 그 대가로 프리미엄을 지불한다.

Question 46Foreign Exchange Markets and Currency Risk Management

한국 기업이 보유한 USD 1,000,000을 원화로 바꾸지 않고 3개월간 미국 달러 예금에 예치하면서, 동시에 3개월 후 원/달러 환율을 고정하는 계약을 체결했다. 이 거래의 목적과 명칭으로 가장 적절한 것은?

  1. 옵션 매도로 프리미엄을 수취하는 커버드콜 전략
  2. 외화 예금과 선도환 매도를 결합한 커버드 이자율차익거래 헤지 Correct answer.
  3. 환차익을 노리는 투기적 현물 포지션
  4. 현물환 매도와 선도환 매수를 결합한 통화스왑

Explanation

외화자산을 보유하면서 만기에 외화를 매도하는 선도계약을 체결하면 환율 변동 위험을 제거하고 금리차에 따른 수익을 확보하는 구조가 된다. 이는 커버드 이자율평형을 활용한 헤지로, 외화 예금과 선도매도를 결합한 형태이다.

Question 47Foreign Exchange Markets and Currency Risk Management

원/달러 환율에 대한 다음 중 통화선물 계약의 특성으로 옳은 것은?

  1. 거래상대방과 직접 협상해 만기를 정할 수 있다.
  2. 계약 단위와 만기가 표준화되어 있고 증거금이 요구된다. Correct answer.
  3. 거래소가 아닌 장외시장에서만 거래된다.
  4. 만기까지 증거금 없이 보유할 수 있다.

Explanation

통화선물은 거래소가 정한 표준 계약단위와 만기를 가지며 개시증거금과 유지증거금이 요구된다. 일일 정산으로 평가손익이 매일 현금으로 반영되는 구조다.

Question 48Foreign Exchange Markets and Currency Risk Management

수출기업이 외화 수취 예정액에 대해 통화스왑(currency swap)을 활용할 때 일반적인 효과로 옳은 것은?

  1. 원금과 이자를 다른 통화로 교환해 환율과 금리 노출을 함께 관리한다. Correct answer.
  2. 환율 변동 손실만 제거하고 금리 노출은 그대로 유지한다.
  3. 옵션 프리미엄을 지불하고 상방 이익을 확보한다.
  4. 신용위험을 이전하기 위한 신용부도스왑이다.

Explanation

통화스왑은 계약 시점과 만기 시점에 원금을 교환하고 기간 중 이자를 교환하는 구조로, 환율 노출과 금리 노출을 동시에 관리할 수 있다. 장기 외화자금 조달이나 투자에서 자주 활용된다.

Question 49Foreign Exchange Markets and Currency Risk Management

원/달러 환율이 급등할 때 외화 부채를 보유한 한국 기업의 원화 환산 부채가치 변화와, 이를 헤지하기 위한 적절한 포지션은?

  1. 부채가치 증가, 달러 선도매도
  2. 부채가치 감소, 달러 선도매도
  3. 부채가치 불변, 달러 옵션매도
  4. 부채가치 증가, 달러 선도매수 Correct answer.

Explanation

원/달러 환율이 상승하면 달러 표시 부채의 원화 환산액이 증가해 손실이 발생한다. 외화 지급 예정자는 미래에 달러를 매수하는 선도계약으로 지급환율을 고정해 이 위험을 헤지한다.

Question 50Foreign Exchange Markets and Currency Risk Management

한국 기업이 1년 후 USD 1,000,000을 상환해야 한다. 현물환율 1,300원, 1년 원화금리 3%, 달러금리 5%, 변동성이 높은 시장 상황이다. 기업이 환율 상승 위험은 막되 환율 하락 시 이익을 누리고자 할 때 가장 적합한 전략은?

  1. 달러 콜옵션 매수 Correct answer.
  2. 달러 콜옵션 매도
  3. 달러 풋옵션 매수
  4. 달러 선도매도

Explanation

외화 지급자는 달러 콜옵션을 매수해 행사가격 이상으로 환율이 상승할 때 최대 지급환율을 고정할 수 있다. 환율이 하락하면 옵션을 포기하고 시장환율로 매수해 이익을 누릴 수 있다.