7.731*(1+9.5%/4) / [1* (1+ 7.5%/4)] =7.7689 1USD=HKD7.7689
根据利率平价理论,利率高的货币远期贬值,且贬值率与利差(1.5%)一致,本例港币利率高,远期美元升值。远期汇率: USD1=HKD7.7974*(1+1.5%/4)=7.8266