Question: A fixed-for-fixed currency swap ( 1) Is equivalent to a portfolio of FRAs 2) Is equivalent to a long position in one bond and a

A fixed-for-fixed currency swap ( 1) Is equivalent to a portfolio of FRAs 2) Is equivalent to a long position in one bond and a short position in another bond 3) is worth the same whether or not principals are exchanged 4) Involves no exchange of principals at the beginning of its life

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