CFA level 1 currency forward contract例题难住了，求解答!

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CFA level1 note 5有个currency forward rate 的例子和例题 我有点没弄明白 如下

Example:
Gemco expects to receive EUR50 milion three months from now and enter into a cash settlement currency forward to exchange these euros for U.S. dollars at USD 1.23 per euro. If market exchange rate is USD 1.25 per euro at settlement, what is the amount of the payment to be received or paid by Gemco?
以下是答案:
Under the terms of the contract Gemco would receive:
EUR50 million x USD 1.23 = USD61.5 million
Without the forward contract, Gemco would receive:
EUR50 million x USD 1.25 = USD62.5 million
The countryparty would be disadvantaged by difference between contract rate and market rate in an amount equal to the advantage that would have accured to Gemco had not entered into the currency forward.
Gem co must make a payment of USD 1.0 million to the counterparty  这句话我就想不通了 为什么有合同的情况下收到的USD会少，还有向对方支付 1million ?????????

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关键词：cfa level 1 currency contract forward Level contract currency forward

因为是cash settlement currency forward,不会真正交换货币，只是交换盈亏，他买的远期亏了1 million，就应该付1 million给交易对手

thebesthouqi 发表于 2013-11-2 16:22
因为是cash settlement currency forward,不会真正交换货币，只是交换盈亏，他买的远期亏了1 million，就应 ...

谢谢！这个题的forward是用10million的欧元收取美元对吧 所以当市场上的美元汇率下跌的时候 它就亏了 所以要偿付对吧？

只是交换盈亏，要不你就给人家50m的euro，人家给你50m*1.23的usd，到头来盈亏还是一样的