问题
单项选择题
An investor is long in a 3×9 forward rate agreement based on LIBOR. The investor will gain if expected:（）
A. 180 -day LIBOR 90 days from flow increases.
B. 180 -day LIBOR 90 days from now decreases.
C. 90 -day LIBOR 180 days from now increases.
答案
参考答案：A
解析：
A 3×9 FRA is a 3-month contract with 6-month (180-day) LIBOR as the reference rate. The long position will gain if 180-day LIBOR 90 days from now is above the contract rate (the expected future rate at contract initiation).