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Consider the case of Chicago Co . in Chapter 4 . By switching the description of ( $ / NZ$ ) 0 . 5 2

Consider the case of Chicago Co. in Chapter 4. By switching the description of ($/NZ$)0.52 from the expected spot rate in 30 days to a 30-day forward rate, the banks activities change their nature from a speculation to an arbitrage. What are the four actions that the bank takes in order to make an arbitrage profit?

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