DM 1 = USD (11.8260)/(11.8240) = 0.5476/82.

3-month forward: USD 1 = Deutsche Mark (1.8240+0.0160)/(1.8260+0.0180) =1.

3-month forward: 1 = USD (11.8440)/(11.8400) = 0.5423/35.

Deutsche mark/USD 3-month points: (0.5476-0.5423)/(0.5482-0.5435) = 53/47.

2. Six-month forward exchange rate (1) = HK$ (12.5620+0.0100)/(12.5630+0.0150) =/kloc-0.

Hedging practice: The principal and interest of Hong Kong dollar investment is 1 million * 12.5620*( 1+8%/2) and it will be sold in the future (price 12.5780).

Profit: 1 ten thousand *12.5620 * (1+8%/2)/12.5780-1ten thousand * (1+5%/2).

3. Forward exchange rate:-L = $ (1.6320+0.0010)/(1.6330+0.0020) =1.6330/50.

Hedging: 6,543.8+0,000 pounds will be paid in the future (exchange rate 654.38+0.6350), and the amount of US dollars that needs to be paid at maturity is 6,543.8+0.6350 million dollars.

(1) If the forward pound appreciates, the exchange rate will become 1 = $ 1.6640-70. If hedging is not carried out, 100000 * 1.6670 payment 1 ten thousand pounds is required.

166.70-163.50 = $32,000.

(2) If the forward pound depreciates, the exchange rate will become-1= $1.6010-30. If hedging is not carried out, 100000 * 1.6030 will be required.

Therefore, hedging is the locking of future expenditure or future income, which prevents losses and limits gains. It should be considered according to the forecast of future exchange rate.

Note: The number of forward months of the third question is not uniform (there are 3 months and 2 months), and the inconsistency of months is not considered in the calculation.