Analysis: The calculation formula of CICC conversion coefficient is

Where R stands for coupon rate, the standard certificate of treasury bond futures contract, X stands for the number of months from the next interest payment date, and N stands for the sum of delivery months.

The number of interest payments between maturity dates, where c represents the coupon rate of deliverable bonds and f represents the interest payment frequency of deliverable bonds.

The simple conclusion is that the conversion coefficients of coupon rate's coupons smaller than standard coupons (3%) are all less than 1, and coupon rate's coupons larger than standard coupons are all greater than 1.

It can be simply understood that the conversion coefficient of deliverable bonds with the same maturity, interest payment method and coupon rate as standard bonds is 1. That is to say, coupon rate's bond conversion coefficient equal to 3% of the standard bond interest rate is obviously 1. If it is greater than 3%, that is, C is large and molecules are large, it is greater than 1, and vice versa.

2. The answer is A. Because 5% >; 3%, so CF is greater than 1, which is the same as the first question. ?

I hope I made myself clear. Hope to adopt.