单选题 The price value of a basis point (PVBP) for a bond is most accurately described as: A. the product of a bond' s value and its duration. B. the change in the price of the bond when its yield changes by 0.01%. C. an estimate of the curvature of the price-yield relationship for a small change in yield.

【正确答案】 B

【答案解析】PVBP represents the change in the price of the bond when its yield changes by one basis point, or 0.01%. PVBP=duration×0.0001×bond value. This calculation ignores convexity because for a small change in yield, the curvature of the price-yield relationship typically has no material effect on the PVBP.