<?xml version="1.0" encoding="UTF-8"?>
<urlset xmlns="http://www.sitemaps.org/schemas/sitemap/0.9">
  <url><loc>https://liuhenguancha.com/tools/fuli.html</loc></url>
  <url><loc>https://liuhenguancha.com/tools/index.html</loc></url>
  <url><loc>https://liuhenguancha.com/tools/duration.html</loc></url>
  <url><loc>https://liuhenguancha.com/tools/portfolio.html</loc></url>
  <url><loc>https://liuhenguancha.com/tools/bsm.html</loc></url>
  <url><loc>https://liuhenguancha.com/copyright.html</loc></url>
  <url><loc>https://liuhenguancha.com/about.html</loc></url>
  <url><loc>https://liuhenguancha.com/privacy.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-01?id=macro-01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-10?id=macro-10</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-11?id=macro-11</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-02?id=macro-02</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-03?id=macro-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-04?id=macro-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-05?id=macro-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-06?id=macro-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-07?id=macro-07</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-08?id=macro-08</loc></url>
  <url><loc>https://liuhenguancha.com/learn/macro/macro-09?id=macro-09</loc></url>
  <url><loc>https://liuhenguancha.com/hongguan.html</loc></url>
  <url><loc>https://liuhenguancha.com/hongguan/practice.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/handbook.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/lessons.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/practice.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/subject1.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-03?id=fund-s3-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-04?id=fund-s3-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-06?id=fund-s3-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-05?id=fund-s3-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-07?id=fund-s3-07</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-09?id=fund-s3-09</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-01?id=fund-s3-01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-02?id=fund-s3-02</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s3-08?id=fund-s3-08</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-05?id=fund-s2-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-15?id=fund-s2-15</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-02?id=fund-s2-02</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-16?id=fund-s2-16</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-13?id=fund-s2-13</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-14?id=fund-s2-14</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-17?id=fund-s2-17</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-03?id=fund-s1-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-02?id=fund-s1-02</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-06?id=fund-s1-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-05?id=fund-s1-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-04?id=fund-s1-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-18?id=fund-s2-18</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-08?id=fund-s1-08</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-12?id=fund-s2-12</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-07?id=fund-s1-07</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s1-01?id=fund-s1-01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-07?id=fund-s2-07</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-04?id=fund-s2-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-11?id=fund-s2-11</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-03?id=fund-s2-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-08?id=fund-s2-08</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-10?id=fund-s2-10</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-09?id=fund-s2-09</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-06?id=fund-s2-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/fund/fund-s2-01?id=fund-s2-01</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/subject3.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/jijin/subject2.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/2015.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch10.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch11.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch12.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch13.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch14.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch15.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch16.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch17.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch18.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch19.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch01.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch20.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch21.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch02.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch03.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch04.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch05.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch06.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch07.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch08.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ch09.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/hengda.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/index.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/ltcm.html</loc></url>
  <url><loc>https://liuhenguancha.com/cases/terra.html</loc></url>
  <url><loc>https://liuhenguancha.com/shipin.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi.html</loc></url>
  <url><loc>https://liuhenguancha.com/xinwen.html</loc></url>
  <url><loc>https://liuhenguancha.com/moni/index.html</loc></url>
  <url><loc>https://liuhenguancha.com/jiaoliu.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch10.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch11.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch12.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch13.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch14.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch15.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch16.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch17.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch18.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch19.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch01.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch20.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch21.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch02.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch03.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch04.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch05.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch06.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch07.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch08.html</loc></url>
  <url><loc>https://liuhenguancha.com/read/ch09.html</loc></url>
  <url><loc>https://liuhenguancha.com/</loc></url>
  <url><loc>https://liuhenguancha.com/jiaocai.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan/jichu.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-04?id=sec-jichu-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-06?id=sec-fagui-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-08?id=sec-jichu-08</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-01?id=sec-jichu-01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-07?id=sec-jichu-07</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-05?id=sec-fagui-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-05?id=sec-jichu-05</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-03?id=sec-fagui-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-02?id=sec-fagui-02</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-04?id=sec-fagui-04</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-fagui-01?id=sec-fagui-01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-03?id=sec-jichu-03</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-06?id=sec-jichu-06</loc></url>
  <url><loc>https://liuhenguancha.com/learn/sec/sec-jichu-02?id=sec-jichu-02</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan/fagui.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan/handbook.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan/lessons.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan/practice.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/zhengquan.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch10.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch10.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch10.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch11.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch11.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch11.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch12.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch12.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch12.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch13.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch13.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch13.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch14.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch14.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch14.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch15.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch15.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch15.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch16.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch16.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch16.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch17.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch17.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch17.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch18.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch18.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch18.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch19.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch19.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch19.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch01.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch01.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch01.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch20.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch20.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch20.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch21.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch21.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch21.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch02.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch02.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch02.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch03.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch03.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch03.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch04.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch04.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch04.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch05.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch05.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch05.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch06.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch06.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch06.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch07.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch07.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch07.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch08.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch08.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch08.html</loc></url>
  <url><loc>https://liuhenguancha.com/chapter/ch09.html</loc></url>
  <url><loc>https://liuhenguancha.com/exercises/ch09.html</loc></url>
  <url><loc>https://liuhenguancha.com/examples/ch09.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/modules.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/handbook.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/practice.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-alternative-investment-features-methods-and-structures?id=li-alternative-investment-features-methods-and-structures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-alternative-investment-performance-and-returns?id=li-alternative-investment-performance-and-returns</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analysis-of-income-taxes?id=li-analysis-of-income-taxes</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analysis-of-inventories?id=li-analysis-of-inventories</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analysis-of-long-term-assets?id=li-analysis-of-long-term-assets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analyzing-balance-sheets?id=li-analyzing-balance-sheets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analyzing-income-statements?id=li-analyzing-income-statements</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analyzing-statements-of-cash-flows-i?id=li-analyzing-statements-of-cash-flows-i</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-analyzing-statements-of-cash-flows-ii?id=li-analyzing-statements-of-cash-flows-ii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-arbitrage-replication-and-the-cost-of-carry-in-pricing-derivatives?id=li-arbitrage-replication-and-the-cost-of-carry-in-pricing-derivatives</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-asset-backed-security-abs-instrument-and-market-features?id=li-asset-backed-security-abs-instrument-and-market-features</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-basics-of-portfolio-planning-and-construction?id=li-basics-of-portfolio-planning-and-construction</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-business-models?id=li-business-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-capital-flows-and-the-fx-market?id=li-capital-flows-and-the-fx-market</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-capital-investments-and-capital-allocation?id=li-capital-investments-and-capital-allocation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-capital-structure?id=li-capital-structure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-code-of-ethics-and-standards-of-professional-conduct?id=li-code-of-ethics-and-standards-of-professional-conduct</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-company-analysis-forecasting?id=li-company-analysis-forecasting</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-company-analysis-past-and-present?id=li-company-analysis-past-and-present</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-corporate-governance-conflicts-mechanisms-risks-and-benefits?id=li-corporate-governance-conflicts-mechanisms-risks-and-benefits</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-credit-analysis-for-corporate-issuers?id=li-credit-analysis-for-corporate-issuers</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-credit-analysis-for-government-issuers?id=li-credit-analysis-for-government-issuers</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-credit-risk?id=li-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-curve-based-and-empirical-fixed-income-risk-measures?id=li-curve-based-and-empirical-fixed-income-risk-measures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-derivative-benefits-risks-and-issuer-and-investor-uses?id=li-derivative-benefits-risks-and-issuer-and-investor-uses</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-derivative-instrument-and-derivative-market-features?id=li-derivative-instrument-and-derivative-market-features</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-equity-valuation-concepts-and-basic-tools?id=li-equity-valuation-concepts-and-basic-tools</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-estimation-and-inference?id=li-estimation-and-inference</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-ethics-and-trust-in-the-investment-profession?id=li-ethics-and-trust-in-the-investment-profession</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-ethics-application?id=li-ethics-application</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-exchange-rate-calculations?id=li-exchange-rate-calculations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-financial-analysis-techniques?id=li-financial-analysis-techniques</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-financial-reporting-quality?id=li-financial-reporting-quality</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fiscal-policy?id=li-fiscal-policy</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-bond-valuation-prices-and-yields?id=li-fixed-income-bond-valuation-prices-and-yields</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-cash-flows-and-types?id=li-fixed-income-cash-flows-and-types</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-instrument-features?id=li-fixed-income-instrument-features</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-issuance-and-trading?id=li-fixed-income-issuance-and-trading</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-markets-for-corporate-issuers?id=li-fixed-income-markets-for-corporate-issuers</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-markets-for-government-issuers?id=li-fixed-income-markets-for-government-issuers</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-fixed-income-securitization?id=li-fixed-income-securitization</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-forward-commitment-and-contingent-claim-features-and-instruments?id=li-forward-commitment-and-contingent-claim-features-and-instruments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-guidance-for-standards-i-vii?id=li-guidance-for-standards-i-vii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-hedge-funds?id=li-hedge-funds</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-hypothesis-testing?id=li-hypothesis-testing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-industry-and-competitive-analysis?id=li-industry-and-competitive-analysis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-interest-rate-risk-and-return?id=li-interest-rate-risk-and-return</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-international-trade?id=li-international-trade</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-big-data-techniques?id=li-introduction-to-big-data-techniques</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-digital-assets?id=li-introduction-to-digital-assets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-financial-statement-analysis?id=li-introduction-to-financial-statement-analysis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-financial-statement-modeling?id=li-introduction-to-financial-statement-modeling</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-geopolitics?id=li-introduction-to-geopolitics</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-risk-management?id=li-introduction-to-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-introduction-to-the-global-investment-performance-standards-gips?id=li-introduction-to-the-global-investment-performance-standards-gips</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-investments-in-private-capital-equity-and-debt?id=li-investments-in-private-capital-equity-and-debt</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-investors-and-other-stakeholders?id=li-investors-and-other-stakeholders</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-market-efficiency?id=li-market-efficiency</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-market-organization-and-structure?id=li-market-organization-and-structure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-monetary-policy?id=li-monetary-policy</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-mortgage-backed-security-mbs-instrument-and-market-features?id=li-mortgage-backed-security-mbs-instrument-and-market-features</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-natural-resources?id=li-natural-resources</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-option-replication-using-put-call-parity?id=li-option-replication-using-put-call-parity</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-organizational-forms-corporate-issuer-features-and-ownership?id=li-organizational-forms-corporate-issuer-features-and-ownership</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-overview-of-equity-securities?id=li-overview-of-equity-securities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-parametric-and-non-parametric-tests-of-independence?id=li-parametric-and-non-parametric-tests-of-independence</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-portfolio-management-an-overview?id=li-portfolio-management-an-overview</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-portfolio-mathematics?id=li-portfolio-mathematics</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-portfolio-risk-and-return-part-i?id=li-portfolio-risk-and-return-part-i</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-portfolio-risk-and-return-part-ii?id=li-portfolio-risk-and-return-part-ii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-pricing-and-valuation-of-forward-contracts-and-for-an-underlying-with-varying-maturities?id=li-pricing-and-valuation-of-forward-contracts-and-for-an-underlying-with-varying-maturities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-pricing-and-valuation-of-futures-contracts?id=li-pricing-and-valuation-of-futures-contracts</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-pricing-and-valuation-of-interest-rates-and-other-swaps?id=li-pricing-and-valuation-of-interest-rates-and-other-swaps</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-pricing-and-valuation-of-options?id=li-pricing-and-valuation-of-options</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-probability-trees-and-conditional-expectations?id=li-probability-trees-and-conditional-expectations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-rates-and-returns?id=li-rates-and-returns</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-real-estate-and-infrastructure?id=li-real-estate-and-infrastructure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-security-market-indexes?id=li-security-market-indexes</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-simple-linear-regression?id=li-simple-linear-regression</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-simulation-methods?id=li-simulation-methods</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-statistical-measures-of-asset-returns?id=li-statistical-measures-of-asset-returns</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-the-behavioral-biases-of-individuals?id=li-the-behavioral-biases-of-individuals</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-the-firm-and-market-structures?id=li-the-firm-and-market-structures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-the-term-structure-of-interest-rates-spot-par-and-forward-curves?id=li-the-term-structure-of-interest-rates-spot-par-and-forward-curves</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-time-value-of-money-in-finance?id=li-time-value-of-money-in-finance</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-topics-in-long-term-liabilities-and-equity?id=li-topics-in-long-term-liabilities-and-equity</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-understanding-business-cycles?id=li-understanding-business-cycles</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-valuing-a-derivative-using-a-one-period-binomial-model?id=li-valuing-a-derivative-using-a-one-period-binomial-model</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-working-capital-and-liquidity?id=li-working-capital-and-liquidity</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-yield-and-yield-spread-measures-for-fixed-rate-bonds?id=li-yield-and-yield-spread-measures-for-fixed-rate-bonds</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-yield-and-yield-spread-measures-for-floating-rate-instruments?id=li-yield-and-yield-spread-measures-for-floating-rate-instruments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-yield-based-bond-convexity-and-portfolio-properties?id=li-yield-based-bond-convexity-and-portfolio-properties</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/li-yield-based-bond-duration-measures-and-properties?id=li-yield-based-bond-duration-measures-and-properties</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/level1.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-analysis-of-active-portfolio-management?id=lii-analysis-of-active-portfolio-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-analysis-of-dividends-and-share-repurchases?id=lii-analysis-of-dividends-and-share-repurchases</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-analysis-of-financial-institutions?id=lii-analysis-of-financial-institutions</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-application-of-the-code-and-standards-level-ii?id=lii-application-of-the-code-and-standards-level-ii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-backtesting-and-simulation?id=lii-backtesting-and-simulation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-basics-of-multiple-regression-and-underlying-assumptions?id=lii-basics-of-multiple-regression-and-underlying-assumptions</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-big-data-projects?id=lii-big-data-projects</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-code-of-ethics-and-standards-of-professional-conduct?id=lii-code-of-ethics-and-standards-of-professional-conduct</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-corporate-restructuring?id=lii-corporate-restructuring</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-cost-of-capital-advanced-topics?id=lii-cost-of-capital-advanced-topics</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-credit-analysis-models?id=lii-credit-analysis-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-credit-default-swaps?id=lii-credit-default-swaps</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-currency-exchange-rates-understanding-equilibrium-value?id=lii-currency-exchange-rates-understanding-equilibrium-value</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-discounted-dividend-valuation?id=lii-discounted-dividend-valuation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-economic-growth?id=lii-economic-growth</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-economics-and-investment-markets?id=lii-economics-and-investment-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-employee-compensation-post-employment-and-share-based?id=lii-employee-compensation-post-employment-and-share-based</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-environmental-social-and-governance-esg-considerations-in-investment-analysis?id=lii-environmental-social-and-governance-esg-considerations-in-investment-analysis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-equity-valuation-applications-and-processes?id=lii-equity-valuation-applications-and-processes</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-evaluating-quality-of-financial-reports?id=lii-evaluating-quality-of-financial-reports</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-evaluating-regression-model-fit-and-interpreting-model-results?id=lii-evaluating-regression-model-fit-and-interpreting-model-results</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-exchange-traded-funds-mechanics-and-applications?id=lii-exchange-traded-funds-mechanics-and-applications</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-extensions-of-multiple-regression?id=lii-extensions-of-multiple-regression</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-free-cash-flow-valuation?id=lii-free-cash-flow-valuation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-guidance-for-standards-i-vii?id=lii-guidance-for-standards-i-vii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-hedge-fund-strategies?id=lii-hedge-fund-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-integration-of-financial-statement-analysis-techniques?id=lii-integration-of-financial-statement-analysis-techniques</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-intercorporate-investments?id=lii-intercorporate-investments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-introduction-to-commodities-and-commodity-derivatives?id=lii-introduction-to-commodities-and-commodity-derivatives</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-investments-in-real-estate-through-publicly-traded-securities?id=lii-investments-in-real-estate-through-publicly-traded-securities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-machine-learning?id=lii-machine-learning</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-market-based-valuation-price-and-enterprise-value-multiples?id=lii-market-based-valuation-price-and-enterprise-value-multiples</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-measuring-and-managing-market-risk?id=lii-measuring-and-managing-market-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-model-misspecification?id=lii-model-misspecification</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-multinational-operations?id=lii-multinational-operations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-overview-of-types-of-real-estate-investment?id=lii-overview-of-types-of-real-estate-investment</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-pricing-and-valuation-of-forward-commitments?id=lii-pricing-and-valuation-of-forward-commitments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-private-company-valuation?id=lii-private-company-valuation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-residual-income-valuation?id=lii-residual-income-valuation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-the-arbitrage-free-valuation-framework?id=lii-the-arbitrage-free-valuation-framework</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-the-term-structure-and-interest-rate-dynamics?id=lii-the-term-structure-and-interest-rate-dynamics</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-time-series-analysis?id=lii-time-series-analysis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-using-multifactor-models?id=lii-using-multifactor-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-valuation-and-analysis-of-bonds-with-embedded-options?id=lii-valuation-and-analysis-of-bonds-with-embedded-options</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/lii-valuation-of-contingent-claims?id=lii-valuation-of-contingent-claims</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/level2.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-active-equity-investing-portfolio-construction?id=liii-active-equity-investing-portfolio-construction</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-active-equity-investing-strategies?id=liii-active-equity-investing-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-advising-the-wealthy?id=liii-advising-the-wealthy</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-an-overview-of-private-wealth-management?id=liii-an-overview-of-private-wealth-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-application-of-the-code-and-standards-level-iii?id=liii-application-of-the-code-and-standards-level-iii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-asset-allocation-to-alternative-investments?id=liii-asset-allocation-to-alternative-investments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-asset-allocation-with-real-world-constraints?id=liii-asset-allocation-with-real-world-constraints</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-asset-manager-code-of-professional-conduct?id=liii-asset-manager-code-of-professional-conduct</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-capital-market-expectations-part-1-framework-and-macro-considerations?id=liii-capital-market-expectations-part-1-framework-and-macro-considerations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-capital-market-expectations-part-2-forecasting-asset-class-returns?id=liii-capital-market-expectations-part-2-forecasting-asset-class-returns</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-case-study-in-portfolio-management-institutional-endowment?id=liii-case-study-in-portfolio-management-institutional-endowment</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-case-study-in-portfolio-management-institutional-swf?id=liii-case-study-in-portfolio-management-institutional-swf</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-code-of-ethics-and-standards-of-professional-conduct?id=liii-code-of-ethics-and-standards-of-professional-conduct</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-currency-management-an-introduction?id=liii-currency-management-an-introduction</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-fixed-income-active-management-credit-strategies?id=liii-fixed-income-active-management-credit-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-general-partner-and-investor-perspectives-and-the-investment-process?id=liii-general-partner-and-investor-perspectives-and-the-investment-process</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-guidance-for-standards-i-vii?id=liii-guidance-for-standards-i-vii</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-index-based-equity-strategies?id=liii-index-based-equity-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-infrastructure?id=liii-infrastructure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-investment-manager-selection?id=liii-investment-manager-selection</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-investment-planning?id=liii-investment-planning</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-liability-driven-and-index-based-strategies?id=liii-liability-driven-and-index-based-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-options-strategies?id=liii-options-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-overview-of-asset-allocation?id=liii-overview-of-asset-allocation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-overview-of-equity-portfolio-management?id=liii-overview-of-equity-portfolio-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-overview-of-fixed-income-portfolio-management?id=liii-overview-of-fixed-income-portfolio-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-overview-of-the-global-investment-performance-standards?id=liii-overview-of-the-global-investment-performance-standards</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-portfolio-management-for-institutional-investors?id=liii-portfolio-management-for-institutional-investors</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-portfolio-performance-evaluation?id=liii-portfolio-performance-evaluation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-preserving-the-wealth?id=liii-preserving-the-wealth</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-principles-of-asset-allocation?id=liii-principles-of-asset-allocation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-private-debt?id=liii-private-debt</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-private-equity?id=liii-private-equity</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-private-investments-and-structures?id=liii-private-investments-and-structures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-private-real-estate-investments?id=liii-private-real-estate-investments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-private-special-situations?id=liii-private-special-situations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-swaps-forwards-and-futures-strategies?id=liii-swaps-forwards-and-futures-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-the-private-wealth-management-industry?id=liii-the-private-wealth-management-industry</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-trade-strategy-and-execution?id=liii-trade-strategy-and-execution</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-trading-costs-and-electronic-markets?id=liii-trading-costs-and-electronic-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-transferring-the-wealth?id=liii-transferring-the-wealth</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-wealth-planning?id=liii-wealth-planning</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-working-with-the-wealthy?id=liii-working-with-the-wealthy</loc></url>
  <url><loc>https://liuhenguancha.com/learn/cfa/liii-yield-curve-strategies?id=liii-yield-curve-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa/level3.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/cfa.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm/modules.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm/practice.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-10-anatomy-of-the-great-financial-crisis-of-2007-2009?id=pi-foundations-10-anatomy-of-the-great-financial-crisis-of-2007-2009</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-12-applying-duration-convexity-and-dv01?id=pi-valuation-models-12-applying-duration-convexity-and-dv01</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-01-banks?id=pi-markets-products-01-banks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-14-binomial-trees?id=pi-valuation-models-14-binomial-trees</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-11-bond-yields-and-return-calculations?id=pi-valuation-models-11-bond-yields-and-return-calculations</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-02-calculating-and-applying-var?id=pi-valuation-models-02-calculating-and-applying-var</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-06-central-clearing?id=pi-markets-products-06-central-clearing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-11-commodity-forwards-and-futures?id=pi-markets-products-11-commodity-forwards-and-futures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-03-common-univariate-random-variables?id=pi-quantitative-03-common-univariate-random-variables</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-17-corporate-bonds?id=pi-markets-products-17-corporate-bonds</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-05-country-risk-determinants-measures-and-implications?id=pi-valuation-models-05-country-risk-determinants-measures-and-implications</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-04-credit-risk-transfer-mechanisms?id=pi-foundations-04-credit-risk-transfer-mechanisms</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-08-enterprise-risk-management-and-future-trends?id=pi-foundations-08-enterprise-risk-management-and-future-trends</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-05-exchanges-and-otc-markets?id=pi-markets-products-05-exchanges-and-otc-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-15-exotic-options?id=pi-markets-products-15-exotic-options</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-04-external-and-internal-credit-ratings?id=pi-valuation-models-04-external-and-internal-credit-ratings</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-09-foreign-exchange-markets?id=pi-markets-products-09-foreign-exchange-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-03-fund-management?id=pi-markets-products-03-fund-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-01-fundamentals-of-probability?id=pi-quantitative-01-fundamentals-of-probability</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-07-futures-markets?id=pi-markets-products-07-futures-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-11-garp-code-of-conduct?id=pi-foundations-11-garp-code-of-conduct</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-02-how-do-firms-manage-financial-risk?id=pi-foundations-02-how-do-firms-manage-financial-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-06-hypothesis-testing?id=pi-quantitative-06-hypothesis-testing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-02-insurance-companies-and-pension-plans?id=pi-markets-products-02-insurance-companies-and-pension-plans</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-19-interest-rate-futures?id=pi-markets-products-19-interest-rate-futures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-10-interest-rates?id=pi-valuation-models-10-interest-rates</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-04-introduction-to-derivatives?id=pi-markets-products-04-introduction-to-derivatives</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-09-learning-from-financial-disasters?id=pi-foundations-09-learning-from-financial-disasters</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-07-linear-regression?id=pi-quantitative-07-linear-regression</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-15-machine-learning-and-prediction?id=pi-quantitative-15-machine-learning-and-prediction</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-14-machine-learning-methods?id=pi-quantitative-14-machine-learning-methods</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-01-measures-of-financial-risk?id=pi-valuation-models-01-measures-of-financial-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-03-measuring-and-monitoring-volatility?id=pi-valuation-models-03-measuring-and-monitoring-volatility</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-06-measuring-credit-risk?id=pi-valuation-models-06-measuring-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-12-measuring-returns-volatility-and-correlation?id=pi-quantitative-12-measuring-returns-volatility-and-correlation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-13-modeling-non-parallel-term-structure-shifts-and-hedging?id=pi-valuation-models-13-modeling-non-parallel-term-structure-shifts-and-hedging</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-05-modern-portfolio-theory-mpt-and-the-capital-asset-pricing-model-?id=pi-foundations-05-modern-portfolio-theory-mpt-and-the-capital-asset-pricing-model-</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-18-mortgages-and-mortgage-backed-securities?id=pi-markets-products-18-mortgages-and-mortgage-backed-securities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-04-multivariate-random-variables?id=pi-quantitative-04-multivariate-random-variables</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-11-non-stationary-time-series?id=pi-quantitative-11-non-stationary-time-series</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-07-operational-risk?id=pi-valuation-models-07-operational-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-16-option-sensitivity-measures-the-greeks?id=pi-valuation-models-16-option-sensitivity-measures-the-greeks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-12-options-markets?id=pi-markets-products-12-options-markets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-09-pricing-conventions-discounting-and-arbitrage?id=pi-valuation-models-09-pricing-conventions-discounting-and-arbitrage</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-10-pricing-financial-forwards-and-futures?id=pi-markets-products-10-pricing-financial-forwards-and-futures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-07-principles-for-effective-data-aggregation-and-risk-reporting?id=pi-foundations-07-principles-for-effective-data-aggregation-and-risk-reporting</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-16-properties-of-interest-rates?id=pi-markets-products-16-properties-of-interest-rates</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-13-properties-of-options?id=pi-markets-products-13-properties-of-options</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-02-random-variables?id=pi-quantitative-02-random-variables</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-09-regression-diagnostics?id=pi-quantitative-09-regression-diagnostics</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-08-regression-with-multiple-explanatory-variables?id=pi-quantitative-08-regression-with-multiple-explanatory-variables</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-05-sample-moments?id=pi-quantitative-05-sample-moments</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-13-simulation-and-bootstrapping?id=pi-quantitative-13-simulation-and-bootstrapping</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-quantitative-10-stationary-time-series?id=pi-quantitative-10-stationary-time-series</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-08-stress-testing?id=pi-valuation-models-08-stress-testing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-20-swaps?id=pi-markets-products-20-swaps</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-06-the-arbitrage-pricing-theory-and-multifactor-models-of-risk-and-?id=pi-foundations-06-the-arbitrage-pricing-theory-and-multifactor-models-of-risk-and-</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-valuation-models-15-the-black-scholes-merton-model?id=pi-valuation-models-15-the-black-scholes-merton-model</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-01-the-building-blocks-of-risk-management?id=pi-foundations-01-the-building-blocks-of-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-foundations-03-the-governance-of-risk-management?id=pi-foundations-03-the-governance-of-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-14-trading-strategies?id=pi-markets-products-14-trading-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pi-markets-products-08-using-futures-for-hedging?id=pi-markets-products-08-using-futures-for-hedging</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm/part1.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm/handbook.html</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm.html</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-01-advances-in-artificial-intelligence-implications-for-capital-mar?id=pii-current-issues-01-advances-in-artificial-intelligence-implications-for-capital-mar</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-03-alpha-and-the-low-risk-anomaly?id=pii-investment-risk-03-alpha-and-the-low-risk-anomaly</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-23-an-introduction-to-securitisation?id=pii-credit-risk-23-an-introduction-to-securitisation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-12-arbitrage-pricing-with-term-structure-models?id=pii-market-risk-12-arbitrage-pricing-with-term-structure-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-17-asset-liability-management-and-duration-techniques?id=pii-liquidity-risk-17-asset-liability-management-and-duration-techniques</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-04-backtesting-var?id=pii-market-risk-04-backtesting-var</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-18-balance-sheet-and-treasury-risk-integration?id=pii-liquidity-risk-18-balance-sheet-and-treasury-risk-integration</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-24-basel-iii-finalising-post-crisis-reforms?id=pii-operational-risk-24-basel-iii-finalising-post-crisis-reforms</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-07-beyond-exceedance-based-backtesting-of-value-at-risk-models?id=pii-market-risk-07-beyond-exceedance-based-backtesting-of-value-at-risk-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-20-capital-planning-at-large-bank-holding-companies?id=pii-operational-risk-20-capital-planning-at-large-bank-holding-companies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-21-capital-regulation-before-the-global-financial-crisis?id=pii-operational-risk-21-capital-regulation-before-the-global-financial-crisis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-04-capital-structure-in-banks?id=pii-credit-risk-04-capital-structure-in-banks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-09-case-study-cyberthreats-and-information-security-risks?id=pii-operational-risk-09-case-study-cyberthreats-and-information-security-risks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-11-case-study-financial-crime-and-fraud?id=pii-operational-risk-11-case-study-financial-crime-and-fraud</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-14-case-study-investor-protection-and-compliance-risks?id=pii-operational-risk-14-case-study-investor-protection-and-compliance-risks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-16-case-study-model-risk-and-model-validation?id=pii-operational-risk-16-case-study-model-risk-and-model-validation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-13-case-study-third-party-risk-management?id=pii-operational-risk-13-case-study-third-party-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-19-central-clearing-and-counterparty-risk?id=pii-credit-risk-19-central-clearing-and-counterparty-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-11-contingency-funding-planning?id=pii-liquidity-risk-11-contingency-funding-planning</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-08-correlation-basics-definitions-applications-and-terminology?id=pii-market-risk-08-correlation-basics-definitions-applications-and-terminology</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-16-counterparty-risk-and-beyond?id=pii-credit-risk-16-counterparty-risk-and-beyond</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-08-country-risk-and-sovereign-default?id=pii-credit-risk-08-country-risk-and-sovereign-default</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-16-covered-interest-parity-lost-understanding-the-cross-currency-ba?id=pii-liquidity-risk-16-covered-interest-parity-lost-understanding-the-cross-currency-ba</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-14-credit-derivatives?id=pii-credit-risk-14-credit-derivatives</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-02-credit-risk-governance?id=pii-credit-risk-02-credit-risk-governance</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-03-credit-risk-management?id=pii-credit-risk-03-credit-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-06-credit-scoring-and-rating?id=pii-credit-risk-06-credit-scoring-and-rating</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-07-credit-scoring-and-retail-credit-risk-management?id=pii-credit-risk-07-credit-scoring-and-retail-credit-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-21-credit-valuation-adjustment?id=pii-credit-risk-21-credit-valuation-adjustment</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-10-credit-value-at-risk?id=pii-credit-risk-10-credit-value-at-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-08-cyber-resilience-range-of-practices?id=pii-operational-risk-08-cyber-resilience-range-of-practices</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-15-derivatives-and-counterparty-credit-risk?id=pii-credit-risk-15-derivatives-and-counterparty-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-08-digital-resilience-and-financial-stability?id=pii-current-issues-08-digital-resilience-and-financial-stability</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-13-distress-symptoms-and-remedies?id=pii-investment-risk-13-distress-symptoms-and-remedies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-03-early-warning-indicators?id=pii-liquidity-risk-03-early-warning-indicators</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-19-economic-capital-frameworks?id=pii-operational-risk-19-economic-capital-frameworks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-09-empirical-properties-of-correlation?id=pii-market-risk-09-empirical-properties-of-correlation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-09-estimating-default-probabilities?id=pii-credit-risk-09-estimating-default-probabilities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-01-estimating-market-risk-measures-an-introduction-and-overview?id=pii-market-risk-01-estimating-market-risk-measures-an-introduction-and-overview</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-13-expectations-risk-premium-convexity-and-the-shape-of-the-term-st?id=pii-market-risk-13-expectations-risk-premium-convexity-and-the-shape-of-the-term-st</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-01-factor-theory?id=pii-investment-risk-01-factor-theory</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-02-factors?id=pii-investment-risk-02-factors</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-10-financial-correlation-modeling-bottom-up-approaches?id=pii-market-risk-10-financial-correlation-modeling-bottom-up-approaches</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-16-fixed-income-liquidity-risk-management?id=pii-investment-risk-16-fixed-income-liquidity-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-18-fundamental-review-of-the-trading-book?id=pii-market-risk-18-fundamental-review-of-the-trading-book</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-01-fundamentals-of-credit-risk?id=pii-credit-risk-01-fundamentals-of-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-20-future-value-and-exposure?id=pii-credit-risk-20-future-value-and-exposure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-04-geopolitical-risk-and-financial-stability?id=pii-current-issues-04-geopolitical-risk-and-financial-stability</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-12-guidance-on-managing-outsourcing-risk?id=pii-operational-risk-12-guidance-on-managing-outsourcing-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-08-hedge-fund-investment-strategies?id=pii-investment-risk-08-hedge-fund-investment-strategies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-23-high-level-summary-of-basel-iii-reforms?id=pii-operational-risk-23-high-level-summary-of-basel-iii-reforms</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-17-illiquid-assets?id=pii-investment-risk-17-illiquid-assets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-07-integrated-risk-management?id=pii-operational-risk-07-integrated-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-06-intraday-liquidity-risk-management?id=pii-liquidity-risk-06-intraday-liquidity-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-05-introduction-to-credit-risk-modeling-and-assessment?id=pii-credit-risk-05-introduction-to-credit-risk-modeling-and-assessment</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-01-introduction-to-operational-risk-and-resilience?id=pii-operational-risk-01-introduction-to-operational-risk-and-resilience</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-02-liquidity-and-leverage?id=pii-liquidity-risk-02-liquidity-and-leverage</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-05-liquidity-and-reserves-management-strategies-and-policies?id=pii-liquidity-risk-05-liquidity-and-reserves-management-strategies-and-policies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-01-liquidity-risk?id=pii-liquidity-risk-01-liquidity-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-10-liquidity-risk-reporting-and-stress-testing?id=pii-liquidity-risk-10-liquidity-risk-reporting-and-stress-testing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-09-liquidity-stress-testing?id=pii-liquidity-risk-09-liquidity-stress-testing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-14-liquidity-transfer-pricing?id=pii-liquidity-risk-14-liquidity-transfer-pricing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-14-madoff-a-riot-of-red-flags?id=pii-investment-risk-14-madoff-a-riot-of-red-flags</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-10-managing-money-laundering-and-terrorist-financing-risk?id=pii-operational-risk-10-managing-money-laundering-and-terrorist-financing-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-12-managing-non-deposit-liabilities?id=pii-liquidity-risk-12-managing-non-deposit-liabilities</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-18-margin-collateral-and-settlement?id=pii-credit-risk-18-margin-collateral-and-settlement</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-15-market-driven-scenarios?id=pii-investment-risk-15-market-driven-scenarios</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-05-monetary-and-fiscal-policy-safeguarding-stability-and-trust?id=pii-current-issues-05-monetary-and-fiscal-policy-safeguarding-stability-and-trust</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-07-monitoring-liquidity?id=pii-liquidity-risk-07-monitoring-liquidity</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-17-netting-close-out-and-related-aspects?id=pii-credit-risk-17-netting-close-out-and-related-aspects</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-02-non-parametric-approaches?id=pii-market-risk-02-non-parametric-approaches</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-02-operational-risk-governance?id=pii-operational-risk-02-operational-risk-governance</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-03-operational-risk-identification?id=pii-operational-risk-03-operational-risk-identification</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-04-operational-risk-measurement-and-assessment?id=pii-operational-risk-04-operational-risk-measurement-and-assessment</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-05-operational-risk-mitigation?id=pii-operational-risk-05-operational-risk-mitigation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-06-operational-risk-reporting?id=pii-operational-risk-06-operational-risk-reporting</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-03-parametric-approaches-extreme-value?id=pii-market-risk-03-parametric-approaches-extreme-value</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-12-performing-due-diligence-on-managers-and-funds?id=pii-investment-risk-12-performing-due-diligence-on-managers-and-funds</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-04-portfolio-construction?id=pii-investment-risk-04-portfolio-construction</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-11-portfolio-credit-risk?id=pii-credit-risk-11-portfolio-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-07-portfolio-performance-evaluation?id=pii-investment-risk-07-portfolio-performance-evaluation</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-05-portfolio-risk-analytical-methods?id=pii-investment-risk-05-portfolio-risk-analytical-methods</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-11-private-markets-investing?id=pii-investment-risk-11-private-markets-investing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-11-regression-hedging-and-principal-component-analysis?id=pii-market-risk-11-regression-hedging-and-principal-component-analysis</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-06-regulating-the-crypto-ecosystem-unbacked-crypto-assets?id=pii-current-issues-06-regulating-the-crypto-ecosystem-unbacked-crypto-assets</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-13-repurchase-agreements-and-financing?id=pii-liquidity-risk-13-repurchase-agreements-and-financing</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-18-risk-capital-attribution-and-risk-adjusted-performance-measureme?id=pii-operational-risk-18-risk-capital-attribution-and-risk-adjusted-performance-measureme</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-09-risk-regulation-and-organizational-structure?id=pii-investment-risk-09-risk-regulation-and-organizational-structure</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-22-solvency-liquidity-and-other-regulation-after-the-global-financi?id=pii-operational-risk-22-solvency-liquidity-and-other-regulation-after-the-global-financi</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-17-stress-testing-banks?id=pii-operational-risk-17-stress-testing-banks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-22-stress-testing-counterparty-exposures?id=pii-credit-risk-22-stress-testing-counterparty-exposures</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-13-structural-and-reduced-form-credit-risk?id=pii-credit-risk-13-structural-and-reduced-form-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-credit-risk-12-structured-credit-risk?id=pii-credit-risk-12-structured-credit-risk</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-operational-risk-15-supervisory-guidance-on-model-risk-management?id=pii-operational-risk-15-supervisory-guidance-on-model-risk-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-15-the-art-of-term-structure-models-drift?id=pii-market-risk-15-the-art-of-term-structure-models-drift</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-16-the-art-of-term-structure-models-volatility-and-distribution?id=pii-market-risk-16-the-art-of-term-structure-models-volatility-and-distribution</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-08-the-failure-mechanics-of-dealer-banks?id=pii-liquidity-risk-08-the-failure-mechanics-of-dealer-banks</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-02-the-financial-stability-implications-of-artificial-intelligence?id=pii-current-issues-02-the-financial-stability-implications-of-artificial-intelligence</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-03-the-global-drivers-of-private-credit?id=pii-current-issues-03-the-global-drivers-of-private-credit</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-04-the-investment-function-in-financial-services-management?id=pii-liquidity-risk-04-the-investment-function-in-financial-services-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-10-the-rise-and-risks-of-private-credit?id=pii-investment-risk-10-the-rise-and-risks-of-private-credit</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-liquidity-risk-15-the-us-dollar-shortage-in-global-banking?id=pii-liquidity-risk-15-the-us-dollar-shortage-in-global-banking</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-14-the-vasicek-and-gauss-models?id=pii-market-risk-14-the-vasicek-and-gauss-models</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-current-issues-07-tokenization-and-financial-market-inefficiencies?id=pii-current-issues-07-tokenization-and-financial-market-inefficiencies</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-06-validating-bank-holding-companies-value-at-risk-models-for-marke?id=pii-market-risk-06-validating-bank-holding-companies-value-at-risk-models-for-marke</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-investment-risk-06-var-and-risk-budgeting-in-investment-management?id=pii-investment-risk-06-var-and-risk-budgeting-in-investment-management</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-05-var-mapping?id=pii-market-risk-05-var-mapping</loc></url>
  <url><loc>https://liuhenguancha.com/learn/frm/pii-market-risk-17-volatility-smiles-and-volatility-surfaces?id=pii-market-risk-17-volatility-smiles-and-volatility-surfaces</loc></url>
  <url><loc>https://liuhenguancha.com/kaoshi/frm/part2.html</loc></url>
</urlset>
