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  3.    下题不理解,请教老师!
  You are using key rate shifts to analyze the effect of yield changes on bond prices. Suppose that the 10-year yield has increased by 10 basis points and that this shock decreases linearly to zero for the 20-year yield. What is the effect of this shock on the 14-year yield?
  A.    increase of 0 basis points
  B.    increase of 4 basis points
  C.    increase of 6 basis points
  D.    increase of 10 basis points
  Answer: C
  Explanation: The 10 basis point shock to the 10-year yield is supposed to decline linearly to zero for the 20 year yield. Thus, the shock decreases by 1 basis point per year and will result in an increase of 6 basis points for the 14 year yield.
  答疑:就是说10年期的利率增量为10bps,然后直线下降到20年0bps,相当于每年增量减少1bps,那14年的增量就是(10 – 4) bps。这题考察的是关键利率的移动技术,在强化班“估值与风险模型”PPT里面有讲到。