The first question: institutions will issue bonds and obtain funds. The biggest worry is that the interest rate will rise this month, which will make it impossible to raise enough funds; If the interest rate falls this month, his financing cost will be reduced, which is a good thing. Therefore, it is mainly to hedge the risk of rising interest rates.

Therefore, in futures trading, when the interest rate rises, it is necessary to hedge the risk of the spot market through futures profits. When the interest rate rises, you can profit from treasury bonds futures, which should be expected to decrease the maturity of treasury bonds or sell futures.

In terms of quantity, is it calculated as follows: 45000 ÷ 83.490 ÷ 5.3 =101.7.

Guess, do you choose D for this question?

Second question, the number should be 103.

Will buy bonds, happy to see interest rates rise, then bond prices will fall. Afraid of seeing interest rates fall. Therefore, in order to hedge the decline in interest rates, the operation should be to buy treasury bonds futures.

The third question, I really don't know. . . pity