Which of the following statements about interest rate swaps andcurrency swaps is least likely correct?
　　a. In an interest rate swap, the netinterest rate payment is paid on each settlement date by the party owing thegreater amount.
　　b. A plain-vanilla interest rate swapinvolves trading fixed interest rate payments for floating-ratc payments.
　　c. A fixed-for-floating currency swapinvolves trading floating-rate interest payments on one currency for fixed-rateinterest payments on another currency.
　　d. In a currency swap, the net differencebetween the notional principal amounts is exchanged at the beginning andtermination of the swap. Full interest rate payments are exchanged on eachsettlement date.
　　答案解析：选D
　　In a currency swap, the full notionalprincipal is exchanged at the beginning and termination of the swap. (See Book2, Topic 28)
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