问题
单项选择题
Which of the following statements about a currency swap is least accurate()
A. Most currency swaps are done to exploit market inefficiencies.
B. Notional principal is exchanged at the termination of the swap and the initiation of the swap.
C. The periodic interest payments are exchanged in full each period.
答案
参考答案：A
解析：
Unlike interest rate swaps, notional principal is swapped at both the initiation and the termination of the swap. Full interest payments are exchanged at each settlement date. Exploiting market inefficiencies was once a motivation for currency swaps, but it is not today (because the market is efficient). Today motivations range from reducing transactions costs to maintaining privacy to avoiding regulation.